North Dakota Statutes
§ 6-03-05 — Loans on real estate - Regulation - Limitation
1.Before any real estate loan equal to or more than four hundred thousand dollars is
made, an appraisal must be conducted by a licensed or certified appraiser if required
by the federal Financial Reform, Recovery, and Enforcement Act of 1989 [Pub. L.
101-73; 103 Stat. 512; 12 U.S.C. 3332 et seq.].
2.Before any real estate loan that does not meet the requirements of subsection 1 is
made, a bank must obtain an appropriate evaluation of real property collateral for
transactions if an appraisal by a licensed or certified appraiser is not obtained.
3.Regardless of the value of a real estate loan, the commissioner may issue an order
requiring an appraisal by a licensed or certified appraiser when necessary to address
safety and soundness concerns. Any real estate loan made must conform to
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Related
§ 3332
12 U.S.C. § 3332
Nearby Sections
15
§ 6-01-01
Management and control - State department of financial institutions - Local ordinances preempted§ 6-01-01.1
Regulatory fund established - Uses - Continuing appropriation (Effective through June 30, 2029)§ 6-01-02
Definitions§ 6-01-04.2
Cease and desist orders§ 6-01-04.3
Assessment of civil money penalties§ 6-01-04.4
Prompt corrective action§ 6-01-04.5
Investigation of bank holding companies§ 6-01-06
Appointment of receivers§ 6-01-07.1
Records - Confidential