N.D. Cent. Code § 6-09.11-03
This is the official text of N.D. Cent. Code § 6-09.11-03, 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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6-09.11-03. Loans - Participation by the Bank of North Dakota
Official statutory text
6-09.11-03. Loans - Participation by the Bank of North Dakota
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 6-09.11-04.
a. Interest charged on a participation interest purchased by the Bank under this
section may not be greater than one percent less than the Bank's base rate as in
effect from time to time and may float.
b. A loan may be a fixed rate at the Bank's then current base rate for up to ten
years. The rate during the remaining term of the loan floats at the Bank's base
rate as in effect from time to time.
c. However, the interest rate may not exceed eleven percent during the course of
the loan. The Bank may charge for necessary and reasonable fees as determined
by the industrial commission.
2. The amount of a participation interest purchased by the Bank under this section may
not be greater than the lesser of an amount determined by the Bank or ninety percent
of the loan amount.
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 6-09.11-04.
a. Interest charged on a participation interest purchased by the Bank under this
section may not be greater than one percent less than the Bank's base rate as in
effect from time to time and may float.
b. A loan may be a fixed rate at the Bank's then current base rate for up to ten
years. The rate during the remaining term of the loan floats at the Bank's base
rate as in effect from time to time.
c. However, the interest rate may not exceed eleven percent during the course of
the loan. The Bank may charge for necessary and reasonable fees as determined
by the industrial commission.
2. The amount of a participation interest purchased by the Bank under this section may
not be greater than the lesser of an amount determined by the Bank or ninety percent
of the loan amount.
Status: in_force · Read it on the official government site
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