North Dakota Code 6-09.15-01 – Definitions
As used in this chapter, unless the context otherwise requires:
Terms Used In North Dakota Code 6-09.15-01
- 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.
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
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 chapter 6-09.8.