§ 15.1-09-56 — Student financial institution

A school board may establish, maintain, and supervise a student financial institution which
is not subject to section 6-02-01, 6-02-03, 6-03-67.1, or 6-06-05 or any other statute or rule that
regulates banks, other financial institutions, or currency exchanges. To qualify as a student
financial institution, the student financial institution must be operated as part of a high school
educational program under guidelines adopted by the school board, be advised on a regular
basis by one or more state-chartered or federally chartered financial institutions including credit
unions, but not owned or operated by a financial institution, be located on school premises and
have as customers only students enrolled in, or employees of, the school of which it is located,
and have a written commitment from the school board guaranteeing reimbursement of any
depositor's funds lost due to insolvency of the student financial institution. Funds of a student
financial institution that meet the requirements of this section are not school district or other
public funds for purposes of any state law governing the use or investment of school district or
other public funds. For purposes of borrowing money, cashing checks, and taking deposits
concerning the operation of a student financial institution, the obligations of a minor have the
same force and effect as though they were the obligations of a person over the age of majority.