Title 6 — Banks and Banking

In this chapter, unless the context otherwise requires: 1. "Commissioner" means the commissioner of the department of commerce. 2. "Committee" means the legacy investment for technology committee. 3. "Diversification sectors" means the following industries: a. Advanced computing …

1. The legacy investment for technology committee consists of: a. The commissioner or the commissioner's designee who shall serve as the chairperson of the committee and is a nonvoting member of the committee; b. Three members representing active venture capital firms, private en…

The department of commerce shall administer the legacy investment technology loan program in consultation with the Bank of North Dakota to provide loans for activities identified in this chapter. The department of commerce shall provide administrative support for the program, inc…

1. The committee shall establish guidelines for entities to qualify for a legacy investment technology loan under this section. The committee shall consider and process applications in a timely manner that does not jeopardize an applicant's opportunity to leverage other funds. 2.…

The legacy investment for technology fund is a special fund in the state treasury and must be administered by the department of commerce. All moneys in the fund are appropriated to the department of commerce on a continuing basis for the purpose of providing legacy investment tec…

Loan recipients shall use legacy investment technology loan funds to enhance capacity and, to the extent possible, leverage state, federal, and private sources of funding. An entity receiving a loan under this chapter may not use the funds for capital or building investments or f…

Upon completion of work performed from funding provided by a legacy investment technology loan, the department of commerce shall provide an independent review of the results. Evaluation criteria may include: 1. How the work performed has contributed to the development of a compan…