A residential mortgage loan is defined by NDCC 12 as " NDCC 6 provides limited exceptions from the definition of Mortgage Loan Originator, including: an individual engaged solely as a loan processor or underwriter, a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with North Dakota law, or a person or entity solely involved in extension of credit related to timeshare plans.
However, it should be noted that there are only limited circumstances in which these parties are exempt, and any party seeking to fall under one of these exemptions should review the full text of the exemptions found under 6. Our average processing time is 1 to 14 days, depending on the timeliness and completeness of applicant responses to requests for information. The license can still be renewed and will be kept in the "Approved-Inactive" status provided continuing education requirements are met.
In this circumstance, it is the MLO's responsibility to find another sponsor. Collection Agencies. What type of activity requires a collection agency license in North Dakota? Do I need a license if I collect business or commercial debt? Yes, the broad definition of debt collection includes both consumer and commercial debt. Do I need a license if I merely purchase debt? Do I need a license if I purchase debt that is in default but use a licensed third-party debt collection agency to collect the debt?
Who is exempt from licensure as a collection agency in North Dakota? A list of exemptions from collection agency licensure can be found under NDCC How can I determine if an individual or entity is licensed as a collection agency in North Dakota? What are the requirements to be a collection agency in North Dakota and how do I obtain a license?
Is North Dakota a state which requires a physical presence for its collection agency license? North Dakota does not require a physical presence for its collection agency license. What are the fees associated with obtaining a collection agency license in North Dakota?
How often do I need to renew my collection agency license? What are some general protections for consumers relating to collection agencies? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses? If the legal name of a company is not included in the website URL address, is the website required to be registered as a DBA?
If the legal name of a company is not included in the website URL address, should the website be registered with the Secretary of State or like agency? Debt-Settlement Providers.
What type of activity requires a debt-settlement provider license in North Dakota? Who is exempt from licensure as a debt-settlement provider in North Dakota? A list of exempted entities and individuals is included in NDCC 6. How can I determine if a debt-settlement provider is licensed to do business in North Dakota? What are the requirements to be a debt-settlement provider in North Dakota and how do I obtain a license? Is North Dakota a state which requires a physical presence for its debt-settlement provider license?
North Dakota does not require a physical presence for its debt-settlement provider license. What are the fees associated with obtaining a debt-settlement provider license in North Dakota?
How often do I need to renew my debt-settlement provider license in North Dakota? What type of activity requires a deferred presentment service provider license in North Dakota? How can I determine if a deferred presentment service provider is licensed to do business in North Dakota? What are the requirements to be a deferred presentment service provider in North Dakota and how do I obtain a license?
Do I need to secure a separate license for each location that I operate in North Dakota? Department of the Treasury issued a press release to inform citizens and consumers nationwide on ways to protect themselves against check fraud during these times.
This announcement contains information that consumers and financial institutions can use to identify counterfeit U. S Treasury checks by knowing what to look for and where to look. A copy of the press release is here. The Interagency Statement can be accessed here. Wednesday, March 25, - pm. In these times of uncertainty, consumers should know that our Department is working with federal regulators, fellow state regulators, and the financial institutions across North Dakota to manage the impact and recovery from the COVID virus.
Commissioner Kruse's statement can be found here. On March 22, , Federal and State financial institution regulatory agencies issued an interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID and providing additional information regarding loan modifications. Click here for the press release discussing this guidance.
As everyone strives to deal with the COVID threat, some financial institutions may determine it necessary to close or reduce service hours at some of their branch locations. Thursday, March 12, - am. The North Dakota Department of Financial Institutions, the state agency responsible for regulating state chartered banks, credit unions, and non-depository institutions, would like to assure the public that the money you have in your financial institution is safe, even during public emergencies including pandemic concerns such as those related to the COVID Coronavirus.
Financial institutions have plans in place to deal with situations such as this. You may notice reduced hours of operation, temporary branch location closures, or more interactions which are conducted digitally. These are all steps designed to limit risk and keep you and your money safe. Thursday, March 5, - pm. Being proactive and addressing problems early is beneficial to all parties.
As you review your options for working with distressed borrowers, prudent underwriting and administration practices remain necessary. The financial sector became well prepared to address a pandemic during when the Avian flu was a topic. Exercises were held that showed that while there would be significant impacts, the financial sector overall was able to continue to operate and cope with the impacts. Reviewing the material developed in reveals those preparation plans remain valid today.
Wednesday, August 28, - am. Doug Burgum requested the waiver, seeking temporary relief for consumers as the state experiences a shortage of credentialed appraisers.
The comment period will close on July 1, The Notice can be viewed here. Comments can be viewed here by searching for Docket Number AS Please give particular attention to the four questions at the end of the Notice. On March, 29, , Commissioner Lise Kruse issued an Order suspending Charity Erickson, a former employee of Citizens Community Credit Union, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions.
A copy of the Order may be viewed here: Order. Wednesday, April 10, - pm. The response to the request made by the Appraisal Subcommittee on September 7, , for clarification and additional information to our August 1, , submission has been issued. Specifically, the request was for confirmation of the relief being sought is within the Appraisal Subcommittee's statutory authority, additional documentation of the scarcity of appraisers in markets throughout the State, and documentation relating to the significant delays caused by this scarcity.
Click here to view the response. Wednesday, April 3, - am. Several changes have been made during North Dakota's 66th Legislative Session that impact non-depositories. Letters to the industries summarizing these changes can be found here for money brokers, here for money transmitters, here for collection agencies, and here for deferred presentment service providers. Report Samples. Training Workshops. Annual Renewal. Advance Change Notice.
ESB for Licenses. Financial Statements. Mortgage Call Report. Money Services Businesses Call Report. Surety Bonds. Temporary Authority to Operate. Uniform Authorized Agent Reporting. Account Administration. NMLS Password. Individual Renewal Status Request. Individual Password Reset Request. Individual Email Change Request. This License is required for any person or entity who, in the ordinary course of business, engages in the act of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another.
New Application Amendment Surrender. This License is required for any person or entity engaging in, or holding itself out as engaging in, the business of providing debt-settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person engaging in, or holding itself out as engaging in, the business of providing debt-settlement service in exchange for any fee or compensation.
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