North Dakota Code 6-09.11-06 – Loan restrictions
Current as of: 2023 | Check for updates
|
Other versions
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.
Terms Used In North Dakota Code 6-09.11-06
- Bank: means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking. See North Dakota Code 6-01-02
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
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.