Section 6-01-02 - DefinitionsAs used in this title, unless the context or subject matter otherwise requires:
1. "Association", "banking association", or "state banking association" means any corporation organized under the laws of this state covering state banking associations, and all corporations, limited liability companies, partnerships, firms, or associations whose business in whole or in part consists of the taking of money on deposit, except national banks, trust companies, and the Bank of North Dakota.2. "Bank" means any national bank, national banking association, corporation, state bank, state banking association, or savings bank, whether organized under the laws of this state or of the United States, engaged in the business of banking.3. "Bank holding company" means bank holding company as defined in 12 U.S.C. 1841(a)(1).4. "Banking" means the business of receiving deposits, making loans, discounting commercial paper, issuing drafts, traveler's checks, and similar instruments, handling and making collections, cashing checks and drafts, and buying and selling exchange.5. "Banking department" means the state department of financial institutions.6. "Banking institution" means any bank, trust company, or bank and trust company organized under the laws of this state.7. "Branch" means a place of business where deposits are received, checks paid, or money lent as a result of a bank that was merged into another bank pursuant to an interstate merger.8. "Commissioner" means the commissioner of financial institutions.9. "Corporate central credit union" means a credit union operated for the primary purpose of serving corporate accounts. A credit union is deemed to be a corporate central credit union when its total dollar amount of outstanding corporate loans plus corporate share and deposit holdings is equal to or greater than seventy-five percent of its outstanding loans plus share and deposit holdings.10. "Credit union" means a cooperative, nonprofit association organized for the purposes of encouraging thrift among its members, creating a source of credit at a fair and reasonable rate of interest, and providing an opportunity for its members to improve their economic and social condition.11. "Derivative transaction" means derivative transaction as defined in 12 U.S.C. 84(b)(3).12. "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.13. "Electronic communication" means any form of communication, not directly involving the physical transmission of paper that creates a record that may be retained, retrieved, and reviewed by a recipient of the communication and may be directly reproduced in paper form by the recipient through an automated process.14. "Electronic record" means a record created, generated, sent, communicated, received, or stored by electronic means.15. "Electronic signature" means an electronic sound, symbol, or process attached to or logically associated with a record and signed or adopted by a person with the intent to sign the record.16. "Financial corporation" means all entities regulated by the department of financial institutions, excluding financial institutions and credit unions.17. "Financial institution" means any bank, industrial loan company, or savings and loan association organized under the laws of this state or of the United States.18. "Market value" means the highest price for which property can be sold in the open market by a willing seller to a willing purchaser, neither acting upon compulsion and both exercising reasonable judgment.19. "Merger" or "merge" means the merging or consolidation of two or more banks including the purchase of all or substantially all of the assets and assumption of liabilities of a bank, facility, or branch.20. "Mutual investment corporation" or "mutual savings corporation" means a corporation organized to engage in the investment or savings business, but having no capital stock or a nominal capital stock.21. "National bank" or "national banking association" means an institution chartered by the comptroller of the currency under the National Bank Act [ 12 U.S.C. 24 ].22. "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.23. "Technology service provider" includes any person that provides services to a financial institution, financial corporation, or credit union, including: core processing; information and transaction processing and settlement activities that support banking functions such as lending, deposit-taking, funds transfer, fiduciary, or trading activities; internet-related services; security monitoring; and system development and maintenance.24. "Tier 1, tier 2, and tier 3 capital" means those terms as set under title 12, Code of Federal Regulations, part 325, in effect on August 1, 2011.25. "Trust company" means any corporation formed for the purpose of transacting business as an annuity, safe deposit, surety, or trust company.Amended by S.L. 2015, ch. 80 (SB 2084),§ 1, eff. 7/1/2015.Amended by S.L. 2013, ch. 77 (HB 1085),§ 2, eff. 8/1/2013.Amended by S.L. 2011, ch. 76 (SB 2096),§ 1, eff. 8/1/2011.Amended by S.L. 2011, ch. 74 (HB 1131),§ 1, eff. 8/1/2011.