Wyoming § 13-7-501 - General requirements.
Full text of Wyoming Wyoming Statutes Annotated § 13-7-501 — General requirements., with citation guidance and answers to common questions.
§ 13-7-501. General requirements.
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.
Frequently Asked Questions About Wyoming § 13-7-501
What does Wyoming Statutes Annotated § 13-7-501 cover?
Section 13-7-501 ("General requirements.") is part of the Wyoming Statutes Annotated, the codified statutory law of Wyoming. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Wyoming § 13-7-501?
A common citation format is "Wyoming Statutes Annotated § 13-7-501" (Wyoming). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Wyoming law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Wyoming official source linked on this page or consult a licensed Wyoming attorney.
How does Wyoming § 13-7-501 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Wyoming can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Wyoming.