Title 13, Debtor and Creditor Relationship

Every application for a money broker license or branch registration, or for a renewal thereof, must be made upon forms designed and furnished by the department of financial institutions and must contain any information which the department shall deem necessary and proper. A branc…

The application for license must be in writing, under oath, and in the form prescribed by the commissioner. The application must give the location where the business is to be conducted and must contain any further information the commissioner requires, including the names and add…

1. Each licensee shall maintain a surety bond in an amount not less than fifty thousand dollars. The surety bond must be in a form prescribed by the commissioner. 2. When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond. 3. Immedi…

A minimum net worth must be continuously maintained by every licensee in accordance with this section. 1. Minimum net worth must be maintained in the amount of twenty-five thousand dollars. 2. If the net worth of a licensee falls below the minimum net worth set forth in subsectio…

All licenses required herein expire on December thirty-first of each year and may be renewed. Renewals are effective the succeeding January first. Applications for renewal must be submitted thirty days before the expiration of the license and must be accompanied by the required a…

Insofar as consistent with the provisions of law, the department of financial institutions has the power to: 1. Determine the qualifications of all applicants based on financial responsibility, financial condition, business experience, character, and general fitness which must re…

Every money broker licensed under this chapter shall keep a record of all sums collected by them and of all loans and leases completed as a result of their efforts for a period of six years from the date of last entry thereon. The records of a licensee may be maintained electroni…

1. The commissioner may issue upon any licensee an order suspending or revoking a licensee's license if the commissioner finds that: a. The licensee has failed to pay the annual license fee under this chapter or any examination fee imposed by the commissioner under the authority …

1. The commissioner of financial institutions may issue upon a current or former money broker officer or employee and upon the licensee involved an order stating: a. That the current or former officer or employee is engaging or has engaged in any of the following conduct: (1) Vio…

It is a violation of this chapter for a person subject to this chapter to: 1. Make or cause to be made any material false statement or representation in any application or other document or statement required to be filed under any provision of this chapter, or to omit to state an…

A money broker may not take any type of fee in advance before the funding of the loan or lease, unless the money broker is licensed under this chapter.

1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to by the parties within the loan contract. However, a licensee may not contract for or receive finance charges pursuant to a loan in excess of an annual rate of thirty-six percent, including al…

Whenever it appears to the department of financial institutions either upon complaint or otherwise, that any person has engaged in, is engaging in, or is about to engage in any act or practice or transaction which is prohibited by this chapter, or by any order of the department i…

In addition to any authority allowed under this chapter, the commissioner may conduct investigations and examinations as follows: 1. The department of financial institutions in its discretion: a. May make such public or private investigation or examination within or outside this …

An applicant, licensee, or other person subject to the provisions of this chapter shall comply with requests for information, documents, or other requests from the department of financial institutions within the time specified in the request, which must be a minimum of ten days, …

The remedies provided for in this chapter are in addition to and not exclusive of any other remedies provided by law.

Any person violating any of the provisions of this chapter or any rule or order of the department of financial institutions made pursuant to the provisions of this chapter or who engages in any act, practice, or transaction declared by any provision of this chapter to be unlawful…

To promote more effective regulation and reduce regulatory burden through supervisory information sharing: 1. Except as otherwise provided in Public Law 110-289, section 1512, the requirements under any federal law, chapter 44-04, or section 6-01-07.1, regarding the privacy or co…

A licensee is required to submit within twenty business days of the date of change notification of a change of name or change of address. The notification must be in the form prescribed by the commissioner.

Notwithstanding state privacy law, the commissioner shall report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide multistate licensing system and registry subject to the provisions contained in section 13-10-15…

Except for provisions of chapter 6-08.1 which are inconsistent with this chapter, chapter 6-08.1 applies to all money brokers licensed under this chapter.