(a) As used in this act:

(i) 'First mortgage' means first and superior liens on farm lands except as hereinafter provided, the fee simple title to which is in the proposed borrower;

(ii) 'Farm land,' 'farm' and 'farms' includes:

(A) Lands used principally for raising agricultural products;

(B) Lands used principally for dairying purposes; and

(C) Lands or ranches used principally for livestock purposes.

(iii) 'Board' means the state loan and investment board;

(iv) 'This act' means W.S. 11-34-101 through 11-34-203.