Title 6 — Banks and Banking

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;…

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 …

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…

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.

Every borrower shall keep records showing the financial condition of the borrower's family farm.

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 …

Repealed by S.L. 2011, ch. 83, § 15.

The industrial commission may adopt such rules and guidelines as are necessary to implement sections 6-09.11-01 through 6-09.11-09.

In this chapter, unless the context otherwise requires: 1. "Developer" means a resident of this state or a corporation generating fifty percent or more of its income within this state. 2. "Oil and gas development" means oil and gas well reworking operations; oil and gas well reco…

In this chapter, unless the context or subject matter otherwise requires: 1. "Agriculture partnership in assisting community expansion fund" means a fund established to buy down the interest rate on loans to on-farm businesses under this chapter. 2. "Family farm" means agricultur…

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 6-09.13-03. 2. The amount of a participation interest purchased by the Bank under thi…

The loan moneys received by a farmer under this chapter must be used for a farm business. Eligible uses are: 1. Purchase of real property and equipment. 2. Expansions. 3. Working capital. 4. Purchase of inventory. 5. Subsurface field tiling projects. The moneys cannot be used to …

The Bank of North Dakota may use moneys in the agriculture partnership in assisting community expansion fund to reduce the interest rate on loans made under this chapter.

In this chapter, unless the context or subject matter otherwise requires: 1. "Business" means a corporation, limited liability company, partnership, individual, or association involved in manufacturing, processing, value-added processing, and targeted industries as defined by the…

A partnership in assisting community expansion fund is hereby established from a transfer of earnings from the Bank of North Dakota. This is a revolving fund, and all moneys transferred into the fund, interest on fund moneys, and payments to the fund are hereby appropriated for t…

Moneys in the partnership in assisting community expansion fund must be used for the purpose of buying down the interest rate on loans made by a lead financial institution in participation with the Bank of North Dakota. The Bank of North Dakota's participation may not exceed eigh…

1. The fund moneys may be used to participate in an interest rate buydown on a loan to a new or expanding business for the following eligible uses: a. Purchase of real property and equipment. b. Expansion of facilities. c. Working capital. d. Inventory. 2. The loan funds cannot b…

As used in this chapter, unless the context otherwise requires: 1. "Beginning entrepreneur" means a resident of this state who: a. Has graduated from high school or has received a general equivalency certificate. b. Has had some training, by education or experience, in the type o…

A beginning entrepreneur loan guarantee fund is created to be used by the Bank of North Dakota to administer a beginning entrepreneur loan guarantee program to be used in conjunction with other loan programs. The fund includes moneys appropriated by the legislative assembly for a…

A lender may apply to the Bank of North Dakota for a loan guarantee for a loan amount to be determined by the Bank. The Bank may approve a guarantee of a loan of up to five thousand dollars to a beginning entrepreneur for use by the beginning entrepreneur for accounting, legal, a…

A beginning entrepreneur who receives a loan for a child care facility must be a child care provider.

The Bank of North Dakota may terminate a loan guarantee upon the sale, exchange, assignment, or transfer of the beginning entrepreneur's interest in the qualified revenue-producing enterprise. The Bank shall terminate a loan guarantee if the Bank determines that the loan guarante…

Notwithstanding any provision of this chapter, the Bank of North Dakota shall adopt rules to implement this chapter. The rules 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 …

Terms defined in chapter 50-30 have the same meaning when used in this chapter.

A revolving loan fund must be maintained in the Bank of North Dakota for the purpose of making loans to nursing facilities, basic care facilities, or assisted living facilities for renovation projects. All moneys transferred into the fund, interest upon moneys in the fund, and co…

1. There is created a long-term care facility loan fund. The fund consists of revenue transferred from the North Dakota health care trust fund, interest upon moneys in the fund, and collections of interest and principal on loans made from the fund. 2. The Bank of North Dakota sha…

All applications for loans under this chapter must be made to the department. The department may approve the applications of qualified applicants that propose projects that conform to requirements established under chapter 50-30. The Bank of North Dakota shall review and approve …

Loans in an amount not exceeding ninety percent of project costs may be made by the Bank of North Dakota from the fund maintained pursuant to this chapter. Such loans must bear interest at a rate of two percent of the outstanding principal balance of the loan. In consideration of…

The Bank of North Dakota may do all acts or things necessary to negotiate loans and preserve security under this chapter, including the power to take such security as deemed necessary, to exercise any right of redemption, and to bring suit in order to collect interest and princip…

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…