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1. a. The Bank of North Dakota shall develop and implement a program under which loans may be provided to qualified individuals participating in a paid or unpaid internship at a licensed substance abuse treatment facility in this state, in order to obtain licensure by the board.
b. The Bank of North Dakota shall determine all terms applicable to the time and manner in which loans made under this section must be repaid.
c. Interest on outstanding loans under this section must accrue at the Bank of North Dakota's current base rate, but may not exceed six percent per annum.
d. The maximum loan for which an applicant may qualify under this section is seven thousand five hundred dollars.
e. This subsection is applicable only to individuals beginning an internship after June 30, 2015.
2. The Bank of North Dakota shall maintain a revolving loan fund for the purpose of making loans under this section. All moneys transferred into the fund, interest upon moneys in the fund, and payments to the fund of principal and interest on loans under this section are appropriated to the Bank on a continuing basis.
Cite this article: FindLaw.com - North Dakota Century Code Title 43. Occupations and Professions § 43-45-05.4. Addiction counseling internship--Loan program--Revolving fund--Continuing appropriation - last updated January 01, 2020 | https://codes.findlaw.com/nd/title-43-occupations-and-professions/nd-cent-code-sect-43-45-05-4/
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