N.D. Cent. Code § 6-09.11-06
This is the official text of N.D. Cent. Code § 6-09.11-06, 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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6-09.11-06. Loan restrictions
Official statutory text
6-09.11-06. Loan restrictions
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 acts, may require such security, and may establish additional
terms and conditions as is determined necessary to purchase a participation interest in
a loan under this chapter.
2. Except as otherwise provided:
a. A loan under this chapter must be repayable in installments and may have a term
up to thirty years.
b. All or part of a loan under this chapter may be repaid at any time, subject to
conditions set forth in the mortgage.
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 acts, may require such security, and may establish additional
terms and conditions as is determined necessary to purchase a participation interest in
a loan under this chapter.
2. Except as otherwise provided:
a. A loan under this chapter must be repayable in installments and may have a term
up to thirty years.
b. All or part of a loan under this chapter may be repaid at any time, subject to
conditions set forth in the mortgage.
Status: in_force · Read it on the official government site
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