Title 6 — Banks and Banking
45 chapters · 536 sections in this title.
N.D.C.C. § 6-09.8-01 Definitions
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As used in this chapter, unless the context or subject matter requires otherwise: 1. "Beginning farmer" means an individual who qualifies as a beginning farmer who: a. Is a resident of this state; b. Receives more than half of that person's gross annual income from farming, unles…
N.D.C.C. § 6-09.8-03 Loan guarantee fund - Administrative charges
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There is hereby created a beginning farmer loan guarantee fund which must be used by the Bank to carry out the provisions of this chapter. The fund must include the moneys appropriated by section 54-17-31 as it existed on June 30, 1983, and all earnings, less any administrative c…
N.D.C.C. § 6-09.8-04 Application for guarantee
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Repealed by S.L. 2019, ch. 54, § 13.
N.D.C.C. § 6-09.8-05 Term - Annual fee
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The term of a loan guarantee may not exceed five years. The Bank may charge a seller or lender an annual fee during the term of a loan guarantee.
N.D.C.C. § 6-09.8-06 Termination
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A loan guarantee may be terminated by the Bank upon the sale, exchange, assignment, or transfer of the beginning farmer's interest in the qualified agricultural property and must be terminated if the Bank determines that the loan guarantee was obtained by fraud or material misrep…
N.D.C.C. § 6-09.8-07 Rules
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The Bank shall adopt rules to implement this chapter, which may include a formula for determining the ratio of reserves in the loan guarantee fund to the amount of guaranteed loans, the maximum dollar amount of a guarantee, and the maximum allowable annual interest rate on a loan…