Section 4.02. Manufactured home loans.

 

(1)   Security. No loan may be made under this section for the purchase of a manufactured home unless the loan is secured by both a first mortgage and a chattel security agreement on the manufactured home itself and the home is affixed to a permanent foundation.

(2)   Repayment of loans. All loans on manufactured homes will be amortized on a monthly payment basis and may have a maximum repayment term of 12 years.

(3)   Items excluded from cost. Furniture and appliances, moving and utility hookup expenses and taxes included as a part of the purchase price of the manufactured home and skirting and tie-downs shall be considered a part of the total cost of the manufactured home for the purposes of ss. 45.33 and 45.35 , Stats. The furniture and appliances shall be included in the chattel security agreement. Furniture and appliances which are not fixtures shall be separately valued and shall be paid for by the applicant and be conveyed by separate bill of sale at the time of the closing.

(4)   Registration. All manufactured homes upon which primary loans are made must be registered with the department of transportation.

(5)   Consent to removal. No manufactured home upon which a primary loan has been made may be moved from the site of original hookup without the consent of the authorized lender and the department and no manufactured home upon which a secondary loan has been made may be moved from the site of original hookup without the consent of the department.

History: Cr. Register, May, 2000, No. 533 , eff. 6-1-00.