54-17 Industrial Commission

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CHAPTER 54-17INDUSTRIAL COMMISSION54-17-01. Industrial commission to manage industries of state and to act as a statehousing finance agency. The commission created to conduct and manage, on behalf of the<br>state of North Dakota, certain utilities, industries, enterprises, including housing finance<br>programs, and business projects established by law must be known as the industrial commission<br>of North Dakota, but may be designated as the industrial commission. In the creation of the<br>industrial commission, it is the intention of the legislative assembly that all acts of the industrial<br>commission are the acts of the state of North Dakota functioning in its sovereign capacity.54-17-02. Industrial commission - Members - Quorum - Meetings. The industrialcommission of North Dakota shall consist of the governor, the attorney general, and the<br>agriculture commissioner.The governor and one member constitute a quorum for thetransaction of business. The meetings of the commission must be held at such times and places<br>as the governor or a majority of the commission may determine. It must be provided by the<br>proper authorities with suitably furnished offices at the seat of government.54-17-03. Chairman and attorney - Secretary - Employees - Compensation - Bonds.The governor is the chairman of the industrial commission, and its attorney is the attorney<br>general. The commission shall appoint a secretary and may employ other subordinate officers,<br>employees, and agents, on such terms as the commission determines proper. The commission<br>may require suitable bonds of its secretary or other subordinate officers, employees, or agents.<br>The commission shall fix the amount of the compensation of the commission's secretary,<br>officers, employees, and agents and the secretary's salary may exceed the maximum salary in<br>the grade established for the classification assigned under chapter 54-44.3. The compensation,<br>together with other expenditures for operation and maintenance of the general business of the<br>commission, must remain within the appropriation available in each year for such purpose. The<br>commission may set the compensation, within the limits of legislative appropriation, for members<br>of a board, committee, or council that advises the commission.Notwithstanding any otherprovision of law, the compensation for any board, committee, or council member may include<br>reimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the<br>commission.54-17-04. Seal of commission. The industrial commission shall adopt and procure anofficial seal and may authenticate therewith its documentary acts.54-17-05.Orders of commission - Approval by majority.All orders, rules,regulations, bylaws, and written contracts, adopted or authorized by the industrial commission,<br>before becoming effective, must be approved by a majority of the commission.54-17-06. Biennial report. The industrial commission shall submit a biennial report tothe governor and the secretary of state in accordance with section 54-06-04. The report must<br>contain a meaningful financial statement of each utility, industry, enterprise, and business project<br>under its control.54-17-07. Industries under the industrial commission - Income on deposits andinvestments. The industrial commission shall operate, manage, control, and govern all utilities,<br>industries, enterprises, and business projects established, owned, undertaken, administered, or<br>operated by the state of North Dakota, except those carried on in penal, charitable, or<br>educational institutions or those conducted pursuant to chapter 65-08.1. All income earned on<br>state moneys that are deposited or invested to the credit of the industrial commission or any<br>agency, utility, industry, enterprise, or business project operated, managed, controlled, or<br>governed by the industrial commission must be added to and become a part of such moneys.54-17-07.1.Advisory board - Rules.The industrial commission shall appoint asix-member advisory board consisting of representatives of lenders, the residential real estate<br>industry, the mobile home and manufactured housing industry, and homeowners and buyers,Page No. 1and in consultation with such board may adopt rules and regulations for the conduct of its<br>housing finance program which may, among other matters, establish requirements for the type<br>and purchase price of dwelling units and multifamily facilities eligible to be financed, the income<br>limits for eligible low or moderate income persons or families, the interest rates and other terms<br>of mortgage loans to be financed, requirements relating to federal or private mortgage insurance<br>or guarantees, and the general terms and conditions for the issuance and security of housing<br>revenue bonds to be issued.54-17-07.2. Definitions. As used in sections 54-17-07.1 through 54-17-07.7 and section54-17-07.10:1."Lenders" means any bank or trust company chartered by the state of North Dakota<br>or any national banking association located in North Dakota, state or federal savings<br>and loan association located in North Dakota, and federal housing administration<br>approved mortgagee or other mortgage banking institutions actively engaged in<br>home mortgage lending in North Dakota approved by the industrial commission.2."Multifamily housing facility" means any facility containing five or more residential<br>dwelling units; provided, that at least twenty percent of the units in each facility must<br>be held for occupancy by persons or families of low and moderate income for such<br>period of time as the industrial commission may determine and may include such<br>related public or private facilities intended for commercial, cultural, recreational,<br>community, or other civic purpose as the commission may approve.3."Persons and families of low or moderate income" means persons or families whose<br>financial means are insufficient, taking into account such factors as the industrial<br>commission shall deem relevant, to secure decent, safe, and sanitary housing<br>provided by private industry without the financial assistance afforded by the housing<br>finance programs of the commission.4."Single-family residential dwelling unit" means any residential real property that:a.Is designed for occupancy by one to four individual households;b.Is an individual condominium or equity cooperative unit; orc.Is an individual nonrental dwelling unit the ownership of which includes rights of<br>facilities in common.54-17-07.3.Housing finance programs.Acting in its capacity as a state housingfinance agency, the industrial commission is authorized to establish the following housing finance<br>programs:1.Home mortgage finance program. A program or programs to provide financing or<br>refinancing of loans made by lenders, including second mortgage loans and<br>leasehold mortgage loans on tribal trust or other reservation lands, and leasehold<br>mortgage loans that are insured or guaranteed through an affordable housing<br>program, to persons or families of low and moderate income for the purchase or<br>substantial rehabilitation of owner occupied, single-family residential dwelling units,<br>which includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs<br>to provide for the purchase or guaranty of a loan made by a lender to finance the<br>purchase of a mobile home or a manufactured housing unit other than on a real<br>property mortgage basis. A program authorized under this subsection may provide<br>assistance in the development of low-income to moderate-income housing or to<br>otherwise assist a developing community in the state address an unmet housing<br>need or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing<br>directly or indirectly of construction, permanent, and combined construction and<br>permanent mortgage loans, including participations in mortgage loans, for the<br>acquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement<br>of multifamily housing facilities.4.Mortgage loan financing program.A program or programs to provide for thepurchase or guaranty of a temporary or permanent mortgage loan originated by a<br>lender on residential real property or on land to be developed into residential real<br>property, in addition to a mortgage loan acquired or to be acquired under<br>subsections 1 through 3. A program authorized under this subsection may provide<br>assistance in the development of low to moderate income housing or to otherwise<br>assist a developing community in the state address an unmet housing need or<br>alleviate a housing shortage.5.Home improvement finance program.A program or programs to provide full orpartial, indirect financing of improvements to existing residential dwelling units.6.Housing grant program. A program or programs to provide a grant other than those<br>authorized by section 54-17-07.6 to encourage and promote housing availability for<br>persons of low or moderate income or to otherwise assist a developing community in<br>this state address an unmet housing need or alleviate a housing shortage.54-17-07.4. Housing revenue bonds. In order to fund its housing finance programs, theindustrial commission is authorized to issue and refund revenue bonds or evidences of debt and<br>indebtedness of the state. The principal of and interest on such bonds are payable only from<br>revenues generated under the applicable housing finance programs.The bonds may notconstitute a debt of the state of North Dakota and must contain a statement to that effect on their<br>face. The bonds may be sold at public or private sale, must mature not more than fifty years<br>from their date or dates, and must contain such terms and provisions as the commission shall<br>determine. The commission may capitalize from bond proceeds all expenses incidental to the<br>issuance of the bonds or to the applicable housing finance program, including, without limitation,<br>any reserves for the payment of the bonds.54-17-07.5. State reallocation under the Mortgage Subsidy Bond Tax Act of 1980.Repealed by S.L. 1987, ch. 630,</div></article><aside class="right-sidebar"><div class="related-sidebar"><h3><span class="emoji">⚖️</span> State Laws</h3><ul class="state-laws-list"><li><a href="https://state-laws.laws.com/state-of-alabama">The State Laws of Alabama</a></li><li><a href="https://state-laws.laws.com/state-of-alaska">The State Laws of Alaska</a></li><li><a href="https://state-laws.laws.com/state-of-arizona">The State Laws of Arizona</a></li><li><a href="https://state-laws.laws.com/state-of-arkansas">The State Laws of Arkansas</a></li><li><a href="https://state-laws.laws.com/state-of-california">The State Laws of California</a></li><li><a href="https://state-laws.laws.com/state-of-colorado">The State Laws of Colorado</a></li><li><a href="https://state-laws.laws.com/state-of-connecticut">The State Laws of Connecticut</a></li><li><a href="https://state-laws.laws.com/state-of-delaware">The State Laws of 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height:815px; text-align:center;\"\u003eLoading PDF...\u003c/div\u003e\u003cscript type=\"text/javascript\"\u003e var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t54/pdf/t54c17.pdf'; $(document).ready(function() { var embedwindow = $(\"#embed_document\"); if ($.browser.msie){ embedwindow.html('\u003cembed src=\"'+pdf_url+'\" width=\"100%\" height=\"100%\"\u003e\u003c/embed\u003e'); } else { embedwindow.html('\u003ciframe style=\"width:100%; height:100%;\" src=\"https://docs.google.com/gview?url='+window.escape(pdf_url)+'\u0026embedded=true\" frameborder=\"0\"\u003e\u003c/iframe\u003e'); } });\u003c/script\u003e\u003cbr\u003e\u003cbr\u003e\u003cnoframes\u003eCHAPTER 54-17INDUSTRIAL COMMISSION54-17-01. Industrial commission to manage industries of state and to act as a statehousing finance agency. The commission created to conduct and manage, on behalf of the\u003cbr\u003estate of North Dakota, certain utilities, industries, enterprises, including housing finance\u003cbr\u003eprograms, and business projects established by law must be known as the industrial commission\u003cbr\u003eof North Dakota, but may be designated as the industrial commission. In the creation of the\u003cbr\u003eindustrial commission, it is the intention of the legislative assembly that all acts of the industrial\u003cbr\u003ecommission are the acts of the state of North Dakota functioning in its sovereign capacity.54-17-02. Industrial commission - Members - Quorum - Meetings. The industrialcommission of North Dakota shall consist of the governor, the attorney general, and the\u003cbr\u003eagriculture commissioner.The governor and one member constitute a quorum for thetransaction of business. The meetings of the commission must be held at such times and places\u003cbr\u003eas the governor or a majority of the commission may determine. It must be provided by the\u003cbr\u003eproper authorities with suitably furnished offices at the seat of government.54-17-03. Chairman and attorney - Secretary - Employees - Compensation - Bonds.The governor is the chairman of the industrial commission, and its attorney is the attorney\u003cbr\u003egeneral. The commission shall appoint a secretary and may employ other subordinate officers,\u003cbr\u003eemployees, and agents, on such terms as the commission determines proper. The commission\u003cbr\u003emay require suitable bonds of its secretary or other subordinate officers, employees, or agents.\u003cbr\u003eThe commission shall fix the amount of the compensation of the commission's secretary,\u003cbr\u003eofficers, employees, and agents and the secretary's salary may exceed the maximum salary in\u003cbr\u003ethe grade established for the classification assigned under chapter 54-44.3. The compensation,\u003cbr\u003etogether with other expenditures for operation and maintenance of the general business of the\u003cbr\u003ecommission, must remain within the appropriation available in each year for such purpose. The\u003cbr\u003ecommission may set the compensation, within the limits of legislative appropriation, for members\u003cbr\u003eof a board, committee, or council that advises the commission.Notwithstanding any otherprovision of law, the compensation for any board, committee, or council member may include\u003cbr\u003ereimbursement for expenses, a salary, a per diem, or a combination of the three, as set by the\u003cbr\u003ecommission.54-17-04. Seal of commission. The industrial commission shall adopt and procure anofficial seal and may authenticate therewith its documentary acts.54-17-05.Orders of commission - Approval by majority.All orders, rules,regulations, bylaws, and written contracts, adopted or authorized by the industrial commission,\u003cbr\u003ebefore becoming effective, must be approved by a majority of the commission.54-17-06. Biennial report. The industrial commission shall submit a biennial report tothe governor and the secretary of state in accordance with section 54-06-04. The report must\u003cbr\u003econtain a meaningful financial statement of each utility, industry, enterprise, and business project\u003cbr\u003eunder its control.54-17-07. Industries under the industrial commission - Income on deposits andinvestments. The industrial commission shall operate, manage, control, and govern all utilities,\u003cbr\u003eindustries, enterprises, and business projects established, owned, undertaken, administered, or\u003cbr\u003eoperated by the state of North Dakota, except those carried on in penal, charitable, or\u003cbr\u003eeducational institutions or those conducted pursuant to chapter 65-08.1. All income earned on\u003cbr\u003estate moneys that are deposited or invested to the credit of the industrial commission or any\u003cbr\u003eagency, utility, industry, enterprise, or business project operated, managed, controlled, or\u003cbr\u003egoverned by the industrial commission must be added to and become a part of such moneys.54-17-07.1.Advisory board - Rules.The industrial commission shall appoint asix-member advisory board consisting of representatives of lenders, the residential real estate\u003cbr\u003eindustry, the mobile home and manufactured housing industry, and homeowners and buyers,Page No. 1and in consultation with such board may adopt rules and regulations for the conduct of its\u003cbr\u003ehousing finance program which may, among other matters, establish requirements for the type\u003cbr\u003eand purchase price of dwelling units and multifamily facilities eligible to be financed, the income\u003cbr\u003elimits for eligible low or moderate income persons or families, the interest rates and other terms\u003cbr\u003eof mortgage loans to be financed, requirements relating to federal or private mortgage insurance\u003cbr\u003eor guarantees, and the general terms and conditions for the issuance and security of housing\u003cbr\u003erevenue bonds to be issued.54-17-07.2. Definitions. As used in sections 54-17-07.1 through 54-17-07.7 and section54-17-07.10:1.\u0026quot;Lenders\u0026quot; means any bank or trust company chartered by the state of North Dakota\u003cbr\u003eor any national banking association located in North Dakota, state or federal savings\u003cbr\u003eand loan association located in North Dakota, and federal housing administration\u003cbr\u003eapproved mortgagee or other mortgage banking institutions actively engaged in\u003cbr\u003ehome mortgage lending in North Dakota approved by the industrial commission.2.\u0026quot;Multifamily housing facility\u0026quot; means any facility containing five or more residential\u003cbr\u003edwelling units; provided, that at least twenty percent of the units in each facility must\u003cbr\u003ebe held for occupancy by persons or families of low and moderate income for such\u003cbr\u003eperiod of time as the industrial commission may determine and may include such\u003cbr\u003erelated public or private facilities intended for commercial, cultural, recreational,\u003cbr\u003ecommunity, or other civic purpose as the commission may approve.3.\u0026quot;Persons and families of low or moderate income\u0026quot; means persons or families whose\u003cbr\u003efinancial means are insufficient, taking into account such factors as the industrial\u003cbr\u003ecommission shall deem relevant, to secure decent, safe, and sanitary housing\u003cbr\u003eprovided by private industry without the financial assistance afforded by the housing\u003cbr\u003efinance programs of the commission.4.\u0026quot;Single-family residential dwelling unit\u0026quot; means any residential real property that:a.Is designed for occupancy by one to four individual households;b.Is an individual condominium or equity cooperative unit; orc.Is an individual nonrental dwelling unit the ownership of which includes rights of\u003cbr\u003efacilities in common.54-17-07.3.Housing finance programs.Acting in its capacity as a state housingfinance agency, the industrial commission is authorized to establish the following housing finance\u003cbr\u003eprograms:1.Home mortgage finance program. A program or programs to provide financing or\u003cbr\u003erefinancing of loans made by lenders, including second mortgage loans and\u003cbr\u003eleasehold mortgage loans on tribal trust or other reservation lands, and leasehold\u003cbr\u003emortgage loans that are insured or guaranteed through an affordable housing\u003cbr\u003eprogram, to persons or families of low and moderate income for the purchase or\u003cbr\u003esubstantial rehabilitation of owner occupied, single-family residential dwelling units,\u003cbr\u003ewhich includes mobile homes and manufactured housing.2.Mobile home and manufactured housing finance program. A program or programs\u003cbr\u003eto provide for the purchase or guaranty of a loan made by a lender to finance the\u003cbr\u003epurchase of a mobile home or a manufactured housing unit other than on a real\u003cbr\u003eproperty mortgage basis. A program authorized under this subsection may provide\u003cbr\u003eassistance in the development of low-income to moderate-income housing or to\u003cbr\u003eotherwise assist a developing community in the state address an unmet housing\u003cbr\u003eneed or alleviate a housing shortage.Page No. 23.Multifamily housing finance program. A program or programs to provide financing\u003cbr\u003edirectly or indirectly of construction, permanent, and combined construction and\u003cbr\u003epermanent mortgage loans, including participations in mortgage loans, for the\u003cbr\u003eacquisition, construction, refurbishing, reconstruction, rehabilitation, or improvement\u003cbr\u003eof multifamily housing facilities.4.Mortgage loan financing program.A program or programs to provide for thepurchase or guaranty of a temporary or permanent mortgage loan originated by a\u003cbr\u003elender on residential real property or on land to be developed into residential real\u003cbr\u003eproperty, in addition to a mortgage loan acquired or to be acquired under\u003cbr\u003esubsections 1 through 3. A program authorized under this subsection may provide\u003cbr\u003eassistance in the development of low to moderate income housing or to otherwise\u003cbr\u003eassist a developing community in the state address an unmet housing need or\u003cbr\u003ealleviate a housing shortage.5.Home improvement finance program.A program or programs to provide full orpartial, indirect financing of improvements to existing residential dwelling units.6.Housing grant program. A program or programs to provide a grant other than those\u003cbr\u003eauthorized by section 54-17-07.6 to encourage and promote housing availability for\u003cbr\u003epersons of low or moderate income or to otherwise assist a developing community in\u003cbr\u003ethis state address an unmet housing need or alleviate a housing shortage.54-17-07.4. Housing revenue bonds. In order to fund its housing finance programs, theindustrial commission is authorized to issue and refund revenue bonds or evidences of debt and\u003cbr\u003eindebtedness of the state. The principal of and interest on such bonds are payable only from\u003cbr\u003erevenues generated under the applicable housing finance programs.The bonds may notconstitute a debt of the state of North Dakota and must contain a statement to that effect on their\u003cbr\u003eface. The bonds may be sold at public or private sale, must mature not more than fifty years\u003cbr\u003efrom their date or dates, and must contain such terms and provisions as the commission shall\u003cbr\u003edetermine. The commission may capitalize from bond proceeds all expenses incidental to the\u003cbr\u003eissuance of the bonds or to the applicable housing finance program, including, without limitation,\u003cbr\u003eany reserves for the payment of the bonds.54-17-07.5. 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