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Below you will find information on the following
topics for North Dakota: Mortgage Broker Licensing, Mortgage
Broker Training, Mortgage Broker License Requirements, North Dakota
Mortgage Laws and Regulations, Mortgage Broker Schools, etc.
If you would like to find information about another state then
please click
here and select the state.
North Dakota Mortgage License and Education Information |
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The State of North Dakota,
Department of Financial Institutions regulates the Money Broker Licensing
in North Dakota. For operating as a Mortgage Broker in the state of North Dakota,
an applicant is required to obtain the Money Broker license in the State. The
Consumer Division regulates Money Brokers, Deferred Presentment Service Providers
(Payday Lenders), Consumer Finance Companies, Collection Agencies, and Sale of
Check companies.
The following information is required to obtain a money broker license in North
Dakota:
- Submit a completed and signed application along with the required application
and license fees and other pertinent documents to the Department.
- Every money broker licensee operating as a money broker is required to file
an annual report with the department of banking and financial institutions.
- If the applicant is a sole proprietorship, the name of the proprietor; if
a partnership, the names of the partners; if a corporation or limited liability
Company, any person owning twenty-five (25) percent or more of the capital
stock as of the date of the application must be listed in the application.
Provide a financial statement for each individual listed.
- Each applicant is required to enclose a surety bond in the amount of $25,000
on the form prescribed.
- If applicable, attach a copy of the license/certificate from the home state
or domicile of the applicant.
- Submit along with the application a financial statement including balance
sheet and an income statement of the proposed applicant. The financial statement
must include a sworn declaration as to accuracy unless it is a CPA audited
financial statement.
- Attach an organizational chart of the applicant and the parent company,
if the applicant is a subsidiary corporation or limited liability company
along with the application.
- All money broker licenses expire on June 30 of each year. Renewals are effective
the succeeding July 1. Applications for renewal must be submitted thirty days
before the expiration of the license and must be accompanied by the required
annual fees.
- Currently there are no specific educational or experience requirements to
obtain a money broker license in North Dakota.
Money Broker application package can be downloaded at North
Dakota Dept. of Financial Institutions Forms and Applications. You can also
apply for or renew your license online at Department
of Financial Institutions Online License Application and Renewal System.
For more information, visit North
Dakota Department of Financial Institutions, Bismarck, ND
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Major Cities Include: Fargo, Bismarck, Grand Forks, Minot, Mandan, Dickinson, West Fargo, Williston, Wahpeton, Minot Afb, Devils Lake, Valley City, Grand Forks Afb, Grafton, Beulah, Rugby, Hazen, Belcourt, Bottineau, Lisbon, Carrington, Langdon, Harvey, Oakes, Mayville, Casselton
This website has been prepared for informational purposes only.
Please make sure you read the site
disclaimer. |
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