North Dakota Administrative Code
Title 13 - Department of Financial Institutions
Article 13-05 - Money Brokers
Chapter 13-05-01 - Money Brokers
Section 13-05-01-01 - No advance fee - Exception

Universal Citation: ND Admin Code ยง 13-05-01-01
Current through Supplement No. 392, April, 2024

Except as specified by this section, no money broker may accept any type of fee in advance, to include expense deposits, from a potential borrower for the procurement of a loan. A money broker may accept an advance expense deposit which may not exceed the money broker's good-faith estimate of the actual cost of any appraisal or credit reports performed by an independent appraiser or independent credit reporting agency and required by the originating lender for the evaluation of the potential borrower's loan application. Any expense deposit that exceeds the actual cost of any appraisal or credit reports must be promptly refunded to the borrower or credited to the borrower's account at the time of the loan closing.

General Authority: NDCC 13-04.1-01

Law Implemented: NDCC 13-04.1-06

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