ND SB2197

Modifies interest rate options for loans from the Bank of North Dakota fund: either fixed at one percent below the Bank's base rate for ten years, or fixed at one percent below base rate for the first five years (maximum six percent per year) with variable rates for the second five years.

Requires variable rate adjustments to occur annually on the loan anniversary date during the second five-year period, with remaining loan term floating at the Bank's base rate.

Allows Bank of North Dakota to purchase participation interests in loans made by financial institutions with interest charges not to exceed one percent less than the Bank's base rate and subject to a maximum interest rate of eleven percent.

Permits fixed rate participation loans at the Bank's current base rate for up to ten years, with remaining term floating at the Bank's base rate as it changes.

Authorizes the Bank to charge necessary and reasonable fees as determined by the Industrial Commission.