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North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-10-13. Surety bond and minimum net worth requirements--Surety bond required

Current as of January 01, 2024 | Updated by Findlaw Staff

1. Each mortgage loan originator must be covered by a surety bond in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of such person subject to this chapter may be used in lieu of the mortgage loan originator's surety bond requirement.

a. The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection 2.

b. The surety bond must be in a form as prescribed by the commissioner.

c. The commissioner may promulgate rules or regulations with respect to the requirements for such surety bonds as are necessary to accomplish the purposes of this chapter.

2. The licensee shall maintain a surety bond in the amount as determined by the commissioner by rule. The amount must be reflective of the dollar amount of loans originated as of the previous yearend. However, the commissioner may increase the amount of the surety bond if the commissioner determines that such an increase is necessary to protect the public interests.

3. When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond.

4. Immediately upon recovery upon any action on the bond, the licensee shall file a new bond.

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Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-10-13. Surety bond and minimum net worth requirements--Surety bond required - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-10-13/

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