Title 13 — Debtor and Creditor Relationship
19 chapters · 259 sections in this title.
N.D.C.C. § 13-12-01 Definitions
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As used in this chapter, unless the context or subject matter otherwise requires: 1. "Borrower" means an individual who seeks out, or is solicited by a residential mortgage lender for the purpose of residential mortgage lending. 2. "Commissioner" means the commissioner of the dep…
N.D.C.C. § 13-12-02 Administration
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The department of financial institutions shall administer and enforce this chapter. The department may promulgate rules and regulations having the force and effect of law, reasonably necessary to carry out the provisions of this chapter, in accordance with chapter 28-32. Any hear…
N.D.C.C. § 13-12-03 Residential mortgage lender license required
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Except as otherwise provided, a person other than a residential mortgage lender licensed and authorized under this chapter may not engage in residential mortgage lending in the state without a residential mortgage lender license issued by the commissioner. A person engages in res…
N.D.C.C. § 13-12-04 Entities exempted from licensing requirements
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This chapter does not apply to: 1. Banks; 2. Credit unions; 3. Savings and loan associations; 4. Insurance companies; 5. Individuals licensed under chapter 13-10 solely pursuant to the individual's official duties as a mortgage loan originator; 6. State or federal agencies and em…
N.D.C.C. § 13-12-05 Application for residential mortgage lender license
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Every application or renewal for a residential mortgage lender license or branch registration must be made upon forms designed and furnished by the department of financial institutions and must contain any information which the department deems necessary and proper. A branch regi…
N.D.C.C. § 13-12-06 Fee to accompany application for residential mortgage lender license
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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…
N.D.C.C. § 13-12-07 Surety bond required
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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…
N.D.C.C. § 13-12-08 Minimum net worth required
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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 this sect…
N.D.C.C. § 13-12-09 Expiration and renewal of license
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All licenses 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 annual fees, whic…
N.D.C.C. § 13-12-10 Powers of the department of financial institutions
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The department of financial institutions may: 1. Determine the qualifications of all applicants based on financial responsibility, financial condition, business experience, character, and general fitness which must reasonably warrant the belief that the applicant's business will …
N.D.C.C. § 13-12-11 Manner in which records to be kept
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Every residential mortgage lender licensed under this chapter shall keep a record of all sums collected by the residential mortgage lender and of all loans completed as a result of the lender's efforts for a period of six years from the date of last entry. The records of a licens…
N.D.C.C. § 13-12-12 Revocation of license - Suspension of license - Surrender of license
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1. The commissioner may issue upon any licensee an order suspending or revoking a licensee's license if the commissioner finds: 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 of th…
N.D.C.C. § 13-12-14 Prohibited acts and practices
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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…
N.D.C.C. § 13-12-15 Advance fees prohibited - Exception
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A residential mortgage lender may not take any type of fee in advance before the funding of the loan, unless the residential mortgage lender is licensed under this chapter. A residential mortgage lender licensed under this chapter may accept an advance expense deposit which may n…
N.D.C.C. § 13-12-17 Orders and injunctions
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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…
N.D.C.C. § 13-12-18 Investigations, subpoenas, 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. The department of financial institutions in its discretion: a. May make a public or private investigation or examination within or outside this sta…
N.D.C.C. § 13-12-19 Response to department requests
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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, …
N.D.C.C. § 13-12-20 Remedies not exclusive
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The remedies provided for in this chapter are in addition to and not exclusive of any other remedies provided by law.
N.D.C.C. § 13-12-21 Penalty
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A person or company 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…
N.D.C.C. § 13-12-22 Confidentiality
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To promote more effective regulation and reduce regulatory burden through supervisory information sharing: 1. Except as otherwise provided in the Secure and Fair Enforcement for Mortgage Licensing Act [Public Law 110-289, section 1512, 12 U.S.C. 5111, et seq.], the requirements u…
N.D.C.C. § 13-12-23 Change of name or address
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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.
N.D.C.C. § 13-12-24 Call reports
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Each licensee shall submit to the nationwide multistate licensing system and registry reports of condition which must be in the form and must contain the information as the nationwide multistate licensing system and registry may require.
N.D.C.C. § 13-12-25 Report to nationwide multistate licensing system and registry
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Notwithstanding state privacy law, the commissioner regularly shall report 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 13-12-22…
N.D.C.C. § 13-12-26 Disclosure of customer information
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Except for provisions of chapter 6-08.1 which are inconsistent with this chapter, chapter 6-08.1 applies to all residential mortgage lenders licensed under this chapter. 13-12-27. Notice to borrower regarding regulation by the department of financial institutions. The written con…