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Can you summarize NDCC Chapter 6-02?
Banks and Banking > Organization and Qualification of Banks
Short Summary
The provided legal document content governs the organization and qualification of banks. It prohibits any person or entity not organized under the specified chapter or authorized to take on banking powers from using words such as ‘bank’, ‘banker’, or ‘banking’ in connection with their business. However, exemptions may be granted by the commissioner if it is determined that such use will not cause confusion or mislead the public. Violations of this section may result in a penalty of one hundred dollars per day or part thereof. The purpose of this regulation is to ensure that only authorized entities can use banking-related terminology in their business operations.
Whom does it apply to?
Persons or entities not organized under the specified chapter or authorized to take on banking powers
What does it govern?
Organization and qualification of banks
What are exemptions?
Exemptions may be granted by the commissioner if it is determined that such use will not cause confusion or mislead the public
What are the Penalties?
Violations may result in a penalty of one hundred dollars per day or part thereof
Jurisdiction
North Dakota