Title 13 — Debtor and Creditor Relationship
19 chapters · 259 sections in this title.
N.D.C.C. § 13-13-01 Definitions
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As used in this chapter, unless the context or subject matter otherwise requires: 1. "Allowable assets for liquidity" means those assets that may be used to satisfy the liquidity requirements in this chapter, including unrestricted cash and cash equivalents and unencumbered inves…
N.D.C.C. § 13-13-02 Administration
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The department of financial institutions shall administer and enforce this chapter. The department has the power to 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…
N.D.C.C. § 13-13-03 Residential mortgage loan servicing license required
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Except as otherwise provided, a person other than a residential mortgage loan servicer licensed and authorized under this chapter may not engage in residential mortgage loan servicing, either as a servicer, subservicer, or mortgage servicing rights investor, in the state without …
N.D.C.C. § 13-13-04 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. State or federal housing finance agencies; 5. Institutions chartered by the farm credit administration; 6. Not-for-profit mortgage servicers; or 7. Entities solely performing interim …
N.D.C.C. § 13-13-05 Application for residential mortgage loan servicer license
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Every application for a residential mortgage loan servicer license, branch registration, or a renewal, 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. The …
N.D.C.C. § 13-13-07 Financial condition
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This section applies to large servicers as defined in subsection 9 of section 13-13-01. 1. A large servicer must maintain capital and liquidity in compliance with this section. 2. For the purposes of complying with the capital and liquidity requirements of this section, all finan…
N.D.C.C. § 13-13-08 Financial condition for applicant or licensee not subject to section 13-13-07
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1. An applicant or licensee not subject to section 13-13-07 which is operating as an approved servicer by one or more government-sponsored enterprises must maintain liquidity to include operating reserves, and tangible net worth that meet the standards set by the entity. If appro…
N.D.C.C. § 13-13-09 Corporate governance
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This section applies to large servicers as defined in section 13-13-01. 1. Large servicers shall establish and maintain a board of directors responsible for its oversight. For large servicers that are not approved to service loans by a government- sponsored enterprise, or where t…
N.D.C.C. § 13-13-10 Expiration and renewal of license
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All licenses required under this chapter 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 no later than thirty days before the expiration of the license and must be acc…
N.D.C.C. § 13-13-11 Powers of the department of financial institutions
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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 reasonably warrant the belief that the applicant's b…
N.D.C.C. § 13-13-12 Manner in which records to be kept
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Every residential mortgage loan servicer licensed under this chapter shall keep a record of all sums collected and all loans serviced by the residential mortgage loan servicer for a period of six years from the date of last entry. If the records can be reproduced upon request by …
N.D.C.C. § 13-13-13 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 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 …
N.D.C.C. § 13-13-15 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 materially false statement or representation in any document or statement required to be filed under any provision of this chapter, or to omit any material statement or fact…
N.D.C.C. § 13-13-16 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. § 13-13-17 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 may: a. Make a public or private investigation or examination within or outside this state as it deems nec…
N.D.C.C. § 13-13-18 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. § 13-13-19 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. § 13-13-20 Penalty
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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…
N.D.C.C. § 13-13-21 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, chapter 44-04, or section 6-01-07.1, regarding the privacy or co…
N.D.C.C. § 13-13-22 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. § 13-13-23 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 prescribed form and must contain the information as the nationwide multistate licensing system and registry may require. Failure to accurately report in…
N.D.C.C. § 13-13-24 Report to nationwide multistate licensing system
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Notwithstanding state privacy law, the commissioner shall regularly 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 13-12-15…
N.D.C.C. § 13-13-25 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 loan servicers licensed under this chapter.