Wisconsin Administrative Code
Department of Veterans Affairs
Chapter VA 12 - Personal Loan Program
Section VA 12.03 - Security required
Current through November 27, 2023
(1) GUARANTORS. The department may accept as adequate security the guarantee of personal loan program loan promissory notes by creditworthy and financially acceptable guarantors who are not the spouse of the applicant and who are Wisconsin residents. Guarantors are subject to the same underwriting criteria as the applicant and the department may request verification of information submitted. There must be at least 1 guarantor on guaranteed personal loan program loan promissory notes. No employee of the department, no county veterans service officer, and no other person in any way connected with the administrative duties of the department or serving in an advisory capacity may be accepted as guarantor on any loan unless the applicant is a member of the guarantor's immediate family. Any other Wisconsin resident who is determined by the department to be financially responsible and whose joining in the obligation provides adequate security may be accepted as a guarantor.
(2) REAL ESTATE SECURITY. The department may accept real estate as security if the real estate is located in Wisconsin and the applicant submits evidence of at least 10 percent equity after the personal loan program loan has been made. Possession of merchantable title to the real estate by the applicant prior to the closing is required. When the title to the property is held in more than one name all parties with an interest in the real estate shall sign the mortgage.
(3) SECURITY ON TRIBAL OR BAND LAND OR WITH A TRIBAL OR BAND GUARANTEE. In lieu of obtaining security for a personal loan program under sub. (1) or (2), the department may enter into a security agreement, enforceable and permissible under state and federal law, with an applicant and a federally recognized American Indian tribe or band in this state, whenever the applicant resides on any tribal or band land, and the security offered is the land or a guarantee by the tribe or band.
History: Cr. Register,
April, 1998, No. 508, eff. 5-1-98; CR 05-008: am. (1), cr. (3) Register May
2005 No. 593, eff. 6-1-05.
Cr. Register, April, 1998, No. 508, eff.
5-1-98; CR 02-130: am. (1) Register April 2003 No. 568, eff. 5-1-03; CR 05-008:
r. Register May 2005 No. 593, eff.
6-1-05.
Amended by, correction in (1), (2) made under ss. 13.92(4) (b) 4. and 35.17, Stats., Register April 2022 No. 796, eff. 5/1/2022
