Section 6-09.11-03 - Loans - Participation by the Bank of North Dakota1. The Bank of North Dakota may make available an appropriate amount of funds to purchase participation interests in loans made by financial institutions for the purposes as set forth in section 6-09.11-04. a. Interest charged on a participation interest purchased by the Bank under this section may not be greater than one percent less than the Bank's base rate as in effect from time to time and may float.b. A loan may be a fixed rate at the Bank's then current base rate for up to ten years. The rate during the remaining term of the loan floats at the Bank's base rate as in effect from time to time.c. However, the interest rate may not exceed eleven percent during the course of the loan. The Bank may charge for 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 the lesser of an amount determined by the Bank or ninety percent of the loan amount.Amended by S.L. 2019, ch. 81 (SB 2197),§ 2, eff. 8/1/2019.