North Dakota Administrative Code Title 12.5 - Bank of North Dakota
Overview of Title 12.5 — Bank of North Dakota
Title 12.5 of the North Dakota Administrative Code pertains to the Bank of North Dakota (BND), the only state-owned bank in the United States. Established in 1919, BND operates under the authority of the North Dakota Legislative Assembly and is governed by the North Dakota Century Code (NDCC), specifically Chapter 6-09.
BND serves as a financial institution that supports the state's economic development by providing financial services to individuals, businesses, and government entities. Its mission includes promoting agriculture, commerce, and industry within North Dakota.
Legal Authority and Framework
Enabling Legislation: BND operates under the authority granted by the North Dakota Legislative Assembly through NDCC Chapter 6-09. This chapter outlines the bank's powers, duties, and functions.
Administrative Code: Title 12.5 of the North Dakota Administrative Code provides detailed regulations governing BND's operations. These regulations are adopted under the authority of NDCC § 6-09-38.
Rulemaking Authority: BND has the authority to adopt rules and regulations necessary to implement its functions. These rules are published in the North Dakota Administrative Code and are subject to the Administrative Agencies Practice Act (NDCC Chapter 28-32).
Structure and Governance
Board of Directors: BND is governed by a board of directors, which includes the Governor of North Dakota, the Attorney General, the Commissioner of Financial Institutions, and other appointed members.
Chief Executive Officer (CEO): The CEO is appointed by the board and is responsible for the day-to-day operations of the bank.
Advisory Committees: BND may establish advisory committees to provide input on specific areas of its operations, such as agriculture, business development, and education.
Functions and Services
BND provides a range of financial services, including:
Student Loans: BND offers student loan programs to North Dakota residents pursuing higher education.
Agricultural Loans: The bank provides financing options to support the state's agricultural industry.
Business Loans: BND offers loan programs to assist small and medium-sized businesses in North Dakota.
Government Services: The bank provides banking services to state and local government entities.
Economic Development: BND plays a role in financing projects that promote economic development within the state.
Relevant Case Law
While there may not be specific case law directly interpreting Title 12.5 of the North Dakota Administrative Code, BND's operations and regulations have been subject to judicial review in various contexts. Courts have examined issues related to BND's authority, operations, and compliance with state laws. These cases provide insight into how BND's regulations are applied and interpreted.
Conclusion
In summary:
Title 12.5 of the North Dakota Administrative Code governs the Bank of North Dakota, outlining its operations, services, and regulatory framework.
BND operates under the authority of NDCC Chapter 6-09 and is subject to the Administrative Agencies Practice Act.
The bank provides a range of financial services aimed at supporting North Dakota's economic development.
Judicial decisions have provided interpretations of BND's regulations and operations, ensuring compliance with state laws.
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