AGO 80-059.

• Case Date: June 17, 1980
• Court: North Dakota

North Dakota Attorney General Opinions 1980. AGO 80-059. June 17, 1980 (OPINION) OPINION 80-59Ms. Illona A. Jeffcoat-SaccoSpecial Assistant Attorney General Department of Banking and Financial Institutions State Capitol Bismarck, North Dakota 58505Dear Ms. Jeffcoat-Sacco: This is in response to your letter of May 21, 1980, wherein you state the following:

The North Dakota State Banking Board recently held a public hearing on a proposal to repeal 13-02-01-02, N.D.A.C. A copy of that proposal is enclosed for your reference. You rendered an opinion on the proposal on May 7, 1980, stating that such a repeal is within the Board's authority. Subsequent to the hearing, a motion to repeal the rule lost 3 to 4.

Accompanying your opinion was a letter from Gary S. Helgeson, Deputy Attorney General, expressing his opinion on the effect of the repeal on the state usury rate. The Banking Board now respectfully requests a formal Attorney General's opinion on the questions raised in Mr. Helgeson's letter.

Specifically, will the repeal of 13-02-01-02, N.D.A.C., to which our usury statute, 47-14-09, N.D.C.C., has traditionally been tied, result in a usury rate tied to 13-02-01-07, N.D.A.C., which also authorizes a 2 1/2 year certificate of

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