ND HB1297

Amends section 6-09-46 of the North Dakota Century Code to modify the Rebuilders Loan Program administered by the Bank of North Dakota for residents affected by presidentially declared disasters.

Changes the loan forgiveness trigger from 60 months of payments to 60 months of payments or equivalent principal repayment, allowing borrowers to qualify for forgiveness sooner if they make larger payments.

Requires the Bank to forgive one-third of the original loan amount and deduct it from the remaining principal balance once a borrower completes 60 months of payments without delinquency.

Mandates the state treasurer transfer forgiven loan amounts from the general fund to the Bank monthly to replenish the fund, but only up to $30 million of the Bank's undivided profits originally transferred under 2011 Session Laws chapter 579.

Maintains existing loan program requirements including 1% annual interest, 20-year maximum term, 24-month payment deferral, and $30,000 maximum initial loan amount for state-funded loans.