N.D. Cent. Code § 6-09.15-01

6-09.15-01. Definitions

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 of

revenue-producing enterprise which that person wishes to begin.

c. Has, including the net worth of that person's dependents and spouse, if any, a net

worth of less than an amount determined by the Bank of North Dakota.

2. "Child care provider" means a child care home, group, or center licensed by the

department of health and human services.

3. "Lender" means any lending institution that is regulated or funded under the laws of

this state or the United States and which has provided financing to a beginning

entrepreneur for the establishment of a qualified revenue-producing enterprise.

4. "Loan guarantee" means an agreement that in the event of default by a beginning

entrepreneur under a note and mortgage or other loan or financing agreement, the

Bank of North Dakota shall pay the lender the amount agreed upon up to a percentage

to be determined by the Bank of the amount of principal due the lender on a loan at

the time the claim is approved from the loan guarantee fund.

5. "Qualified revenue-producing enterprise" means any real property, buildings,

improvements on the property or to the buildings, any equipment located on the

property or in the buildings, and any personal property used or useful in connection

with a revenue-producing enterprise engaged in any industry or business not

prohibited by the Constitution of North Dakota or the laws of this state. The term does

not include an enterprise for which a person is eligible under section 6-09-15.5 or