In this chapter, unless the context or subject matter otherwise requires:
1. "Farmer" means a resident of this state who owns or operates an existing farm or ranch operation, and has a debt-to-asset ratio of fifty percent or greater or a net worth of less than an amount determined by the Bank of North Dakota. The industrial commission may adopt additional eligibility criteria in determining who is a farmer eligible for loans under this chapter.
2. "Operating loan" means a loan or extension of credit with a term of one year or less made by a nongovernmental financial institution to a farmer for the operation of an existing farm or ranch operation. An operating loan includes a farmers home administration subordinated operating loan and guaranteed operating loan and may be further defined by rule of the industrial commission.