Title 6, Banks and Banking
45 chapters · 451 sections in this title.
N.D.C.C. § 6-09.11-01 Definitions
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In this chapter, unless the context or subject matter otherwise requires: 1. "Family farm" means agricultural real estate operated and owned or leased by a farmer, or other organization authorized to own or lease land used for farming or ranching under chapter 10-06.1, where the …
N.D.C.C. § 6-09.11-03 Loans - Participation by the Bank of North Dakota
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1. The Bank of North Dakota may make available an appropriate amount of funds to purchase participation interests in loans made by financial institutions for the purposes as set forth in section 6-09.11-04. a. Interest charged on a participation interest purchased by the Bank und…
N.D.C.C. § 6-09.11-04 Loans to farmers - Purposes
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The following purposes are eligible to be funded by bond proceeds or loan participations under this chapter: 1. Purchasing agricultural real estate; 2. Constructing, repairing, altering, or adding to any farm buildings on agricultural real estate owned or purchased by the farmer;…
N.D.C.C. § 6-09.11-05 Loan applications
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An applicant for a loan must meet all of the following qualifications: 1. The applicant is at least eighteen years of age. 2. The applicant is a farmer. 3. The applicant has had the farming experience and training necessary to enable the applicant to operate a family farm and to …
N.D.C.C. § 6-09.11-06 Loan restrictions
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1. A loan under this chapter may not be greater than the lesser of an amount determined by the Bank of North Dakota or ninety percent of the appraised value of the security given for the loan, with the actual percentage to be determined by the Bank. The Bank may do all things and…
N.D.C.C. § 6-09.11-07 Insurance requirements
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The Bank of North Dakota and the originating financial institution shall determine whether a borrower must obtain insurance on property pledged as security for a loan under this chapter.
N.D.C.C. § 6-09.11-08 Records
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Every borrower shall keep records showing the financial condition of the borrower's family farm.
N.D.C.C. § 6-09.11-09 Postponement of repayment of principal
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If the income of a borrower is reduced in any year due to causes beyond the borrower's control to the extent that the borrower is unable to make a payment on a loan under this chapter, the Bank of North Dakota and the originating lender may defer the payment of the principal sum …
N.D.C.C. § 6-09.11-11 Rules
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The industrial commission may adopt such rules and guidelines as are necessary to implement sections 6-09.11-01 through 6-09.11-09.