Regulatory Alerts2010-11-10
Added · Updated
State Banking Board: Investment in residential real property for use of bank officers and employees
The North Dakota State Banking Board issued an order authorizing state-chartered banks to own residential real estate for officers and employees in remote areas lacking suitable housing. This permission requires prior application to the Board, including evidence of housing unavailability, compliance with fixed asset limitations, and a documented exit strategy. The ruling aligns state bank powers with national bank authorities under N.D.C.C. § 6-03-02.3.
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