A BILL for an Act to create and enact a new chapter to title 6 of the North Dakota Century Code, relating to a nursing and basic care facility loan guarantee program.

HB 1550 would create a program where the Bank of North Dakota guarantees loans for constructing or renovating nursing and basic care facilities. The Bank would administer the program, establish a special reserve fund (using up to $100 million from a state strategic fund), and reimburse lenders if borrowers default. This directly affects nursing and basic care facilities seeking financing for facility upgrades or new construction.