This bill proposes the creation of a new chapter in Title 6 of the North Dakota Century Code, establishing a nursing and basic care facility loan guarantee program administered by the Bank of North Dakota. The program aims to guarantee loans for the construction or renovation of nursing and basic care facilities, with the Bank responsible for determining eligible loan types and projects. Additionally, the Bank may accept property and income from various sources to support the program and is required to maintain a guarantee reserve fund to reimburse lenders for any guaranteed loans that go into default.

The bill outlines the procedures for handling defaults on guaranteed loans, including the reimbursement process for eligible lenders and the requirement for proper documentation to ensure good title for loan collection. It also specifies that a statute of limitations cannot be used as a defense against the collection of guaranteed loans. Furthermore, the Bank of North Dakota is authorized to charge reasonable fees to participating lenders to cover the costs of administering the loan program, with any excess fees being deposited into the reserve fund.