N.D. Cent. Code § 6-02-02.1
This is the official text of N.D. Cent. Code § 6-02-02.1, part of North Dakota’s Cent. Code — part of the compiled statutory law of North Dakota, published by the state as "Cent. Code." Browse the sections below, each linked to its official government source.
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6-02-02.1. Nonbank bank not qualified to do business
Official statutory text
6-02-02.1. Nonbank bank not qualified to do business
It is unlawful for any organization, association, or corporation, which owns or controls an
institution insured by the federal deposit insurance corporation, to own or control an institution
insured by the federal deposit insurance corporation or eligible to be insured by the federal
deposit insurance corporation which accepts deposits that the depositor has a legal right to
withdraw on demand or engages in the business of making commercial loans but does not do
both.
It is unlawful for any organization, association, or corporation, which owns or controls an
institution insured by the federal deposit insurance corporation, to own or control an institution
insured by the federal deposit insurance corporation or eligible to be insured by the federal
deposit insurance corporation which accepts deposits that the depositor has a legal right to
withdraw on demand or engages in the business of making commercial loans but does not do
both.
Status: in_force · Read it on the official government site
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