North Dakota Code 6-09.9-04 – Participation loans by private financial institutions
Current as of: 2023 | Check for updates
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1. The industrial commission may adopt rules relating to the maximum rate of interest charged on the portion of the operating loan retained by a participating financial institution.
Terms Used In North Dakota Code 6-09.9-04
- 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
- Financial institution: means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States. See North Dakota Code 6-01-02
2. All participation interests purchased are subject to the review and approval of the Bank.