§ 13-7-501 — General requirements

Wyoming § 13-7-501

• Jurisdiction: Wyoming
• Title 13: Banks, Banking and Finance
• Ch. 7: SAVINGS AND LOAN OPERATIONS
• Art. 5: LOANS

Text

For every loan made, except a loan from one (1) association to
another, a note or bond specifying the amount loaned and the
rate of interest and premium to be paid, secured by first
mortgage on improved real estate, shall be taken. A complete
abstract of title for the real estate signed by the person or
corporation furnishing the abstract which shall be examined by a
competent attorney-at-law and his opinion furnished approving
the title and showing that the mortgage is a first lien, or a
policy of title insurance of a reliable title insurance company
authorized to issue insurance on titles within this state, or a
duplicate certificate of ownership issued by a registrar of
titles, shall be furnished. No mortgage loan shall be made
except upon the report in writing of an appraiser or a committee
of appraisers appointed by the board of directors which shall
state the conservative value of the mortgage security. The
directors may also loan upon the security of savings on deposit
in the association to the amount of ninety percent (90%) of
their withdrawal value, and may loan upon or invest in bonds of
the United States and the state of Wyoming, in real property
loans insured by the federal housing administration or
guaranteed by the veterans administration, and in classes of
bonds and warrants of the counties, school districts and other
municipalities, as well as local improvement districts in this
state, as the state banking commissioner may from time to time
approve but no association shall loan any of its funds to an
officer or director of the association.