Section 13-03-22-03 - Prohibited investmentsA credit union cannot invest in the following types of investments:
1. Any privately issued collateralized mortgage obligation or real estate mortgage investment conduit.2. Any zero coupon investment with a maturity date that is more than ten years from the settlement date. 3. Any mortgage servicing rights as an investment but may perform mortgage servicing functions as a financial service for a member as long as the mortgage loan is owned by the member.4. Any stripped mortgage-backed securities, residual interests in collateralized mortgage obligations or real estate mortgage investment conduits, or residual interests in small business-related securities.5. Any commercial mortgage-related security that is not permitted by chapter 13-03-03.N.D. Admin Code 13-03-22-03
Effective January 1, 2007.Amended by Administrative Rules Supplement 2022-384, April 2022, effective 4/1/2022.General Authority: NDCC 6-01-04
Law Implemented: NDCC 6-06-06