North Dakota § 26.1-50-03 North Dakota low-risk incentive fund use

North Dakota Statutes

§ 26.1-50-03 — North Dakota low-risk incentive fund use

North Dakota § 26.1-50-03

Title 26.1Insurance

Ch. 26.1-50North Dakota Low-Risk Incentive Fund

This text of North Dakota § 26.1-50-03 (North Dakota low-risk incentive fund use) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 26.1-50-03 (2026).

Text

The fund may be used only for making loans to low-risk businesses for primary sector
business projects in this state. A loan may not be approved or made by the fund without some
participation in the loan by the Bank of North Dakota. A loan from the fund may not be made to
an insurer. The governing board shall establish the rate of interest and terms of repayment for a
loan from the fund. Fifty percent of the amount loaned from the fund during the first year of a
biennium must be reserved solely for businesses in rural areas. The remainder loaned from the
fund may be used in urban or rural areas. For purposes of this section, "rural areas" means the
area of the state not including territory within the corporate limits of a city with a population of
twenty thousand or more.

Free access — add to your briefcase to read the full text and ask questions with AI

The fund may be used only for making loans to low-risk businesses for primary sector
business projects in this state. A loan may not be approved or made by the fund without some
participation in the loan by the Bank of North Dakota. A loan from the fund may not be made to
an insurer. The governing board shall establish the rate of interest and terms of repayment for a
loan from the fund. Fifty percent of the amount loaned from the fund during the first year of a
biennium must be reserved solely for businesses in rural areas. The remainder loaned from the
fund may be used in urban or rural areas. For purposes of this section, "rural areas" means the
area of the state not including territory within the corporate limits of a city with a population of
twenty thousand or more.