AN ACT to amend and reenact sections 37-14-03.3 and 17-14-07 of the North Dakota Century Code, relating to the veterans' aid fund and the uses of the interest from the fund for the purpose of collecting delinquent loans, and relating to the ability of the department of veterans' affairs to collect and compromise veterans' aid fund loans.
BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF THE STATE OF NORTH DAKOTA:
SECTION 1. AMENDMENT. Section 37-14-03.3 of the 1981 Supplement to the North Dakota Century Code is hereby amended and reenacted to read as follows:
37-14-03.3. Revolving fund. Such sum of seven hundred thousand dollars shall be a permanent revolving fund of the veterans' aid fund and shall not revert to the general fund and shall be used solely for the purpose of making loans to any veteran of the armed forces of the United States who served in World War II, the Korean conflict, or during hostilities in Vietnam, as defined by section 37-01-40; however, nothing in this section prohibits the department of veterans' affairs, in its discretion, from using any interest the fund accrues or has already earned or accrued for the purposes of collecting loans if in the opinion of the department the veteran has the financial means to repay, and he deliberately refuses to do so.
SECTION 2. AMENDMENT. Section 37-14-07 of the 1981 Supplement to the North Dakota Century Code is hereby amended and reenacted to read as follows:
37-14-07. Repayment to be made to aid fund. Upon the granting of such an application and at the time of such disbursement, the applicant, or his legally appointed guardian, shall be required to execute an agreement with the department of veterans' affairs that within a period of two years from the date of the receipt of the last item of such advancement he will repay to the state of North Dakota for the use of veterans' aid fund the full amount of all advancements made to him with interest as provided in rules and regulations adopted pursuant to section 37-14-10, but not to exceed ten percent annually. One-half of the interest shall be waived if timely repayment is made to the fund. The department shall have the authority to take necessary legal action to collect, compromise, or settle loans if in the opinion of the department the veteran has the financial means to repay, and he deliberately refuses to do so. The department shall also have the authority to release from financial liability any veteran whom it determines is financially unable to repay the loan through no fault of the veteran's.