ND HB1550

Creates a nursing and basic care facility loan guarantee program administered by the Bank of North Dakota to guarantee loans for construction or renovation of nursing and basic care facilities

Authorizes up to $100 million in transfers from the Strategic Investment and Improvements Fund to establish and maintain a guarantee reserve fund at 100% of the required balance

Requires the Bank of North Dakota to reimburse lenders from the reserve fund when guaranteed loans go into default, with the bank then collecting on the defaulted loans

Prohibits statute of limitations as a defense against collection of defaulted guaranteed loans through court proceedings

Allows the Bank of North Dakota to charge participating lenders reasonable fees to cover administrative costs, with excess fees deposited into the reserve fund