N.D. Cent. Code § 6-03-59
This is the official text of N.D. Cent. Code § 6-03-59, 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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6-03-59. Loan limitation to one borrower or concern
Official statutory text
6-03-59. Loan limitation to one borrower or concern
The total direct, indirect, or contingent liability of any borrower to any state banking
association shall not exceed at any time twenty-five percent of the association's tier 1 capital as
of the most recent report of condition and income. For the purpose of this section, the total
liability of a borrower includes the liabilities of any separate borrowers for which the repayment
of separate loans or extensions of credit is substantially from the same source and any credit
exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse
repurchase agreement, securities lending transaction, or securities borrowing transaction
between the state banking association and the borrower.
The total direct, indirect, or contingent liability of any borrower to any state banking
association shall not exceed at any time twenty-five percent of the association's tier 1 capital as
of the most recent report of condition and income. For the purpose of this section, the total
liability of a borrower includes the liabilities of any separate borrowers for which the repayment
of separate loans or extensions of credit is substantially from the same source and any credit
exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse
repurchase agreement, securities lending transaction, or securities borrowing transaction
between the state banking association and the borrower.
Status: in_force · Read it on the official government site
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