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 it is specified that the guarantee obligations will only be payable from funds made available under this chapter.

To ensure the program's sustainability, the Bank of North Dakota is required to establish and maintain a guarantee reserve fund, with the possibility of transferring up to $100 million from the strategic investment and improvements fund to maintain the reserve balance. The bill outlines procedures for handling defaults on guaranteed loans, including reimbursement processes for lenders and stipulations regarding the collection of defaulted loans. Furthermore, the Bank is authorized to charge reasonable fees to participating lenders to cover the program's administrative costs, with any excess fees directed to the reserve fund.