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Can you summarize NDCC Chapter 6-09.12?
Banks and Banking > Oil and Gas Development Loans
Short Summary
The provided legal document content pertains to oil and gas development loans in the state of North Dakota. The document defines key terms such as ‘developer’ and ‘oil and gas development’. It establishes a program through the Bank of North Dakota for participating in loans made by North Dakota financial institutions for oil and gas development projects. The Bank’s total participation in any one loan is limited to one hundred thousand dollars. The interest on a loan is subject to the Bank’s base rate and may float. The document does not mention any specific exemptions or penalties.
Whom does it apply to?
Developers within the state of North Dakota
What does it govern?
Oil and gas development loans
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
North Dakota