North Dakota Century Code Title 6. Banks and Banking § 6-09.9-03. Operating loans--Participation by the Bank of North Dakota

1. The Bank of North Dakota shall make available an appropriate amount of funds to purchase participation interests in operating loans to farmers. Interest charged on a participation interest purchased by the Bank under this section may not exceed one percent less than the Bank's base rate, as it may be established from time to time. The Bank may charge necessary and reasonable fees as determined by the industrial commission.

2. The amount of a participation interest purchased by the Bank under this section may not be greater than sixty-five percent of the loan amount or an amount determined by the Bank, whichever is less. The term of any participation interest purchased under this section may not exceed one year.

3. The Bank and the originating financial institution shall determine whether a borrower must obtain insurance on property pledged as security for a loan under this chapter.