Title 13 — Debtor and Creditor Relationship
19 chapters · 259 sections in this title.
N.D.C.C. § 13-10-01 Purpose
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The purpose of this chapter is to protect consumers seeking mortgage loans and to ensure that the mortgage lending industry is operating without unfair, deceptive, and fraudulent practices on the part of mortgage loan originators.
N.D.C.C. § 13-10-02 Definitions
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For purposes of this chapter: 1. "Depository institution" has the same meaning as is currently defined under section 3 of the Federal Deposit Insurance Act and includes any credit union. 2. "Federal banking agencies" means the board of governors of the federal reserve system, the…
N.D.C.C. § 13-10-03 License and registration required
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1. An individual, unless specifically exempted from this chapter under subsection 2, shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Ea…
N.D.C.C. § 13-10-04 State license and registration application and issuance
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1. Applicants for a license shall apply in a form as prescribed by the commissioner. Each such form must contain content as set forth by rule, regulation, instruction, or procedure of the commissioner and may be changed or updated as necessary by the commissioner in order to carr…
N.D.C.C. § 13-10-05 Issuance of license
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The commissioner shall not issue a mortgage loan originator license unless the commissioner makes at a minimum the following findings: 1. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacat…
N.D.C.C. § 13-10-06 Prelicensing and relicensing education of loan originators
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1. To meet the prelicensing education requirement referred to in subsection 4 of section 13-10-05, a person shall complete at least twenty hours of education approved in accordance with subsection 2, which must include at least: a. Three hours of federal law and regulations; b. T…
N.D.C.C. § 13-10-07 Testing of loan originators
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1. In order to meet the written test requirement referred to in subsection 5 of section 13-10-05, an individual must pass, in accordance with the standards established under this subsection, a qualified written test developed by the nationwide mortgage licensing system and regist…
N.D.C.C. § 13-10-08 Standards for license renewal
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1. The minimum standards for license renewal for mortgage loan originators include the following: a. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13-10-05. b. The mortgage loan originator has satisfied the annual continui…
N.D.C.C. § 13-10-09 Continuing education for mortgage loan originators
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1. To meet the annual continuing education requirements referred to in section 13-10-08, a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection 2, which must include at least: a. Three hours of federal law and r…
N.D.C.C. § 13-10-10 Authority to require license
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In addition to any other duties imposed upon the commissioner by law, the commissioner shall require mortgage loan originators to be licensed and registered through the nationwide mortgage licensing system and registry. To carry out this requirement, the commissioner may particip…
N.D.C.C. § 13-10-12 Enforcement authorities, violations, and penalties
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1. To ensure the effective supervision and enforcement of this chapter the commissioner may: a. Deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules or regulations issued under this chapter or order or directive entered under this…
N.D.C.C. § 13-10-13 Surety bond and minimum net worth requirements - Surety bond required
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1. Each mortgage loan originator must be covered by a surety bond in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of such person subject to this chapter may be used in lieu of …
N.D.C.C. § 13-10-14 Minimum net worth required
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A minimum net worth must be continuously maintained for mortgage loan originators in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the net worth of such person subject to this chapter may be us…
N.D.C.C. § 13-10-15 Confidentiality
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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 or chapter 44-04 regarding the privacy or confidentiality of any …
N.D.C.C. § 13-10-16 Investigation and examination authority
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In addition to any authority allowed under this chapter, the commissioner may conduct investigations and examinations as follows: 1. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or spec…
N.D.C.C. § 13-10-17 Prohibited acts and practices
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It is a violation of this chapter for a person or individual subject to this chapter to: 1. Directly or indirectly employ any scheme, device, or artifice to defraud or mislead borrowers or lenders or to defraud any person; 2. Engage in any unfair or deceptive practice toward any …
N.D.C.C. § 13-10-18 Mortgage call reports
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Each mortgage licensee shall submit to the nationwide mortgage licensing system and registry reports of condition, which shall be in such form and shall contain such information as the nationwide mortgage licensing system and registry may require.
N.D.C.C. § 13-10-19 Report to nationwide mortgage licensing system and registry
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Notwithstanding state privacy law, the commissioner is required to report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry subject to the provisions contained in section 1…
N.D.C.C. § 13-10-20 Privately insured credit unions
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Nonfederally insured credit unions which employ loan originators, as defined in Public Law 110-289, title V, the S.A.F.E. Act, shall register such employees with the nationwide mortgage licensing system and registry by furnishing the information concerning the employees' identity…
N.D.C.C. § 13-10-21 Unique identifier shown
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The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulatio…