2012 Wyoming Statutes
TITLE 13 - BANKS, BANKING AND FINANCE
CHAPTER 3 - BANKING OPERATIONS
13-3-401. Real estate loans.

(a) Any bank may make real estate loans upon real estate secured by a mortgage, deed of trust or other instrument of similar security which comprises a lien upon the secured property. A bank may make a real estate loan or purchase these obligations in whole or in part at any time prior to the maturity of the obligation if the participation interest of the bank is adequately protected by the terms of the participation agreement.

(b) Real estate loans may be made in an amount not to exceed ninety percent (90%) of the appraised value of the real estate offered as security for a term not longer than thirty (30) years if the loan is secured by an instrument under the terms of which the installment payments are sufficient to amortize the entire principal of the loan within the period ending on the maturity. Any loan may also be made in an amount not to exceed ninety-five percent (95%) of the appraised value of the real estate offered for security if the amount of the loan in excess of ninety percent (90%) is insured by a mortgage insurance corporation authorized to transact business within the state of Wyoming.

(i) Repealed by Laws 1983, ch. 20, 2.

(ii) Repealed by Laws 1983, ch. 20, 2.

(iii) Redesignated by Laws 1983, ch. 20, 1.

(c) The restrictions of this section shall not prevent the renewal or extension of loans previously made nor apply to liens on real estate taken to secure a debt previously contracted in good faith and real estate loans to the extent that the loans are insured or guaranteed by an agency of the federal government for the payment of the obligations of which the full faith and credit of the United States is pledged. Any loans so insured or guaranteed, in whole or in part, may be made for the same period of time for which the guarantee may be made.

(d) Repealed By Laws 1996, ch. 54, 1.

(e) Repealed by Laws 1992, ch. 46, 2.

(f) The restrictions of this section shall not apply to real estate loans originated for the purpose of sale without recourse to a financially responsible third party within a reasonable time.