Application

The application by the reciprocating bank holding company must contain a statement demonstrating a commitment to meet credit needs of the existing or proposed trade area. The applicant's statement must include a commitment for a level of developmental loans by number and amount, and a commitment to provide annual reports of developmental loans. Failure to set forth a plan to establish a percentage of developmental loans to total loans at a level no less than the percentage of developmental loans to total loans of the applicant's consolidated statement with all of its banking subsidiaries may constitute grounds for disapproval under subsection 5 of North Dakota Century Code section 6-08.3-03. The description of developmental loans must be filed on an annual basis together with the description of net new funds.

History: Effective August 1, 1991. General Authority: NDCC 6-01-04 Law Implemented: NDCC 6-08.3-02