060-37 Wyo. Code R. §§ 37-8 - Security

(a) Every loan shall be evidenced by a promissory note for the principal sum of the loan.

(b) Every loan shall have adequate security in the form of:

(i) Pledge of revenues from the student dormitory for which the loan was granted;

(ii) Pledge of other revenue available to a community college; and/or

(iii) Any other security deemed adequate to secure repayment of the loan.

(c) If an appraisal for the purchase of land is required, the applicant shall be responsible for ensuring one is completed prior to submitting a loan application.

(i) Office staff shall review and approve the methodology used for valuation of the project and security and the overall market value prior to loan closing.

Notes

060-37 Wyo. Code R. §§ 37-8

Emergency adopted, Eff. 10/12/2018. Amended, Eff. 11/13/2018. Adopted, Eff. 5/13/2021. Amended, Eff. 9/25/2023.