Section 13-02-12-03 - Developmental loansDevelopmental loans include loans or investments made to residents of North Dakota in the Bank's trade area for the following purposes:
1. Operating loans for farmers and family farms; 2. Loans made to create or expand farm and nonfarm businesses; 3. Loans guaranteed by the small business administration or farmers home administration; 4. Investments in community development corporations or projects; 5. Low or moderate income housing loans; 6. Student education loans; 7. Loans made in distressed areas; 8. Loans made under the Bank of North Dakota's agricultural loan programs, including family farm loans, farm operating loans, conservation reserve program enhancement loans, and the rural rehabilitation corporation loan fund; and 9. Loans made under the Bank of North Dakota's commercial loan programs, including business development loans, small business concern loans, microbusiness loans, tourism and recreation investment program, oil and gas development loans, match loans, partnership in assisting community expansion loans, and agriculture partnership in assisting community expansion loans. The board may designate distressed areas. The determination of a distressed area will be made on the area's unemployment rate, economic conditions, and credit needs.
N.D. Admin Code 13-02-12-03
Effective August 1, 1991.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-08.3-02