North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-13-08. Financial condition for applicant or licensee not subject to section 13-13-07

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 approved by more than one entity, the applicant or licensee must meet the highest standard of the entities for which they are approved. Applicants or licensees with a combined portfolio are subject to this standard.

2. An applicant or licensee with a portfolio of loans not subject to any government-sponsored enterprises requirements must maintain liquidity to include operating reserves of 0.00035 times the unpaid principal balance of the portfolio and maintain a minimum tangible net worth as set forth in paragraph a of this subsection or, in lieu of the tangible net worth, maintain a one million dollar surety bond.