Title 13, Debtor and Creditor Relationship

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…

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 this sect…

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…

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 …

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…

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…

1. The commissioner may issue and serve upon a current or former residential mortgage lender 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) Viol…

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 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…

1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to by the parties within the loan contract. 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 all charges…

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 a public or private investigation or examination within or outside this sta…

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.

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…

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…

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.

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.

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…

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.

The written contract must contain the following notice in capital letters: NOTICE: RESIDENTIAL MORTGAGE LENDERS ARE LICENSED AND REGULATED BY THE NORTH DAKOTA DEPARTMENT OF FINANCIAL INSTITUTIONS. THE DEPARTMENT OF FINANCIAL INSTITUTIONS HAS NOT PASSED ON THE MERITS OF THE CONTRA…