North Dakota § 54-17-07.7 Terms of loans

North Dakota Statutes

§ 54-17-07.7 — Terms of loans

North Dakota § 54-17-07.7

Title 54State Government

Ch. 54-17Industrial Commission

This text of North Dakota § 54-17-07.7 (Terms of loans) 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 § 54-17-07.7 (2026).

Text

Notwithstanding any other provision of law, the industrial commission is authorized to
require, as a condition of the origination of loans and mortgage loans made pursuant to any of
its housing finance programs or purchase of loans and mortgage loans to be purchased by it,
prepayment penalties, restrictions upon assumability, default provisions, rights to accelerate,
rights to increase the interest rate, and any other terms the commission may determine to be
necessary or desirable to assure the repayment of its housing revenue bonds and, unless such
conditions of origination or other terms are not required by the commission, the exemption from
federal income taxes of the interest payable on its housing revenue bonds under the Internal
Revenue Code of 1986. All such terms are enforceable by

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

Notwithstanding any other provision of law, the industrial commission is authorized to
require, as a condition of the origination of loans and mortgage loans made pursuant to any of
its housing finance programs or purchase of loans and mortgage loans to be purchased by it,
prepayment penalties, restrictions upon assumability, default provisions, rights to accelerate,
rights to increase the interest rate, and any other terms the commission may determine to be
necessary or desirable to assure the repayment of its housing revenue bonds and, unless such
conditions of origination or other terms are not required by the commission, the exemption from
federal income taxes of the interest payable on its housing revenue bonds under the Internal
Revenue Code of 1986. All such terms are enforceable by the originator, the commission, or any
successor holder of the loans or mortgage loans unless expressly waived in writing by or on
behalf of the commission.