060-7 Wyo. Code R. §§ 7-16 - Sale of Acquired Lands
(a) Decision to
sell. The Board shall sell acquired lands upon determination that the sale of
the property would be the best means of restoring loan funds.
(b) Advertisement. All sales of acquired
lands shall be advertised at least once per week, for four consecutive weeks,
in both a newspaper in the county in which the property is located and a
newspaper of statewide circulation.
(c) Auctions. All sales shall be by public
auction, conducted by the Director or his representative. The minimum bid shall
be as set by the Board. The Board reserves the right to reject any and all
bids. The successful bidder must tender at least thirty percent (30%) of the
purchase price, in the form of a cashier's check, or a personal check with a
letter of check guarantee, at the auction. Within ten (10) calendar days of the
auction, the purchaser shall either pay the balance of the purchase price or if
eligible enter into a sales contract pursuant to subsection (e) of this
section.
(d) Title Insurance. The
Office will order an open title insurance commitment. The purchaser of the
property shall pay the cost of the commitment and title insurance.
(e) Sales Contracts.
(i) Amortized Sales Contracts, as described
in this section, may be offered at the Board's discretion.
(ii) Eligibility. Any individual or legal
entity that was the mortgagor when the land was acquired by the Board shall not
be eligible to enter into a sales contract in the purchase of that acquired
land.
(iii) Terms. Eligible
purchasers may pay the balance of the purchase price pursuant to a sales
contract with the following terms:
(A) The
length of the contract shall not exceed thirty (30) years; and
(B) The contract interest rate shall be
pursuant to Chapter 14 of the rules as established by the Board.
(f) Assignments of Sales
Contracts.
(i) Sales contracts may be assigned
with approval by the Board. The original purchaser of acquired land under a
sales contract shall remain obligated to the Board for performance under the
contract regardless of any assignments of the purchaser's rights under the
contract.
(ii) Subject to approval
by the Board as described under paragraph (i) of this subsection, upon receipt
of written notice of the name, address, and tax identification number of an
assignee of the purchaser's contract rights, the Office shall note this
information for purposes of mailing payment notices and reporting interest paid
on the contract to the United States Internal Revenue Service.
Notes
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