North Dakota

CHAPTER 13-04.1 – MONEY BROKERS

 13-04.1-01. Administration.

The department of financial institutions shall use its facilities to administer and enforce this chapter. Any person or persons delegated to administer this chapter may not have financial interests directly or indirectly in any business which is subject to this chapter. The department has the power to promulgate rules and regulations having the force and effect of law, reasonably necessary to carry out the provisions of this chapter, in accordance with chapter 28-32. Any hearing held and any orders issued pursuant to this chapter must be in accordance with chapter 28-32. In addition to those powers set forth in chapter 28-32, the department has additional powers as set forth in this chapter.

13-04.1-01.1. Definitions.

As used in this chapter, unless the context or subject matter otherwise requires:

1. “Borrower” means a person or entity that seeks out, or is solicited by a money broker

for the purpose of money brokering.

2. “Commissioner” means the commissioner of financial institutions.
3. “Money broker” means a person or entity who, in the ordinary course of business,

engages in money brokering.

4. “Money brokering” means the act of arranging or providing loans or leases as a form

of financing, or advertising or soliciting either in print, by letter, in person, or otherwise,

the right to find lenders or provide loans or leases for persons or businesses desirous

of obtaining funds for any purposes.

5. “Net branch” means an office at which a licensed money broker allows a separate

person that does not hold a valid North Dakota money brokers license to originate

loans under the license of the money broker.

6. “Net branch arrangement” means an arrangement under which a licensed money

broker enters an agreement whereby its designated branch manager has the

appearance of ownership of the licensee by, among other things, sharing in the profits

or losses, establishing, leasing, or renting the branch premises, entering other

contractual relationships with vendors such as for telephones, utilities, and advertising,

having control of a corporate checkbook, or exercising control of personnel through the

power to hire or fire such individuals. A person may be considered to be utilizing a net

branch if the net branch agreement requires the branch manager to indemnify the

licensee for damages from any apparent, express, or implied agency representation by

or through the branch’s actions or if the agreement requires the branch manager to

issue a personal check to cover operating expenses whether or not funds are available

from an operating account of the licensee.

7. “Precomputed loan” means a loan that is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance.

13-04.1-02. Money broker license required.

Except as otherwise provided, a person other than a money broker licensed and authorized under this chapter may not engage in money brokering in the state of North Dakota without a money broker license issued by the commissioner. A person engages in money brokering in North Dakota if the borrower resides in North Dakota.

13-04.1-02.1. Entities exempted from licensing requirements.

This chapter does not apply to:

1. Banks;
2. Credit unions;
3. Savings and loan associations;
4. Insurance companies;
5. Individuals licensed under chapter 13-10;
6. State or federal agencies and employees of state or federal agencies solely pursuant

to the individual’s official duties as an employee of the state or federal agency;

7. Institutions chartered by the farm credit administration;
8. Trust companies;
9. Any other person or business regulated and licensed to lend money by the state of

North Dakota;

10. A real estate broker, broker, or a real estate salesperson as defined in section

43-23-06.1 in the brokering of loans to assist a person in obtaining financing for real

estate sold by the real estate broker, broker, or real estate salesperson;

11. Any person, retail seller, or manufacturer providing financing for its own property or

inventory held as a normal course of business, or to leases on any real property;

12. A certified development corporation that qualifies as a nonprofit entity under section

501(c)(3) of the federal Internal Revenue Code [26 U.S.C. 501(c)(3)] in the offers of:

1. Loan products primarily limited to the small business administration, United

States department of agriculture, or other government loan products; or

1. Nongovernmental loan products that are limited to loans to promote community

development or home ownership, and these loans are offered with favorable

terms including an interest rate at or below the wall street journal prime rate and

loan fees of less than a quarter percent of the loan origination balance; or

13. A nonprofit corporation that qualifies as a nonprofit entity under section 501(c)(3) of the Internal Revenue Code [26 U.S.C. 501(c)(3)] which is not primarily in the business of soliciting or brokering loans, if the nonprofit corporation makes five or fewer loans in a

given calendar year, makes these loans to promote community development or home

ownership, and offers these loans on favorable terms, including an interest rate at or

below the wall street journal prime rate and loan fees of less than a quarter percent of

the loan origination balance.

13-04.1-03. Application for money broker license.

Every application for a money broker license or branch registration, or for a renewal thereof, must be made upon forms designed and furnished by the department of financial institutions and must contain any information which the department shall deem necessary and proper. A branch registration that constitutes a net branch or net branching arrangement is prohibited. The department may further require any application to provide additional information which is not requested on the application form. The applicant must register with the North Dakota secretary of state if so required.

13-04.1-04. Fee to accompany application for money broker license.

The application for license must be in writing, under oath, and in the form prescribed by the commissioner. The application must give the location where the business is to be conducted and must contain any further information the commissioner requires, including the names and addresses of the partners, officers, directors, trustees, and the principal owners or members, as will provide the basis for the investigation and findings contemplated by section 13-04.1-03. At the time of making such application, the applicant shall include payment in the sum of four hundred dollars, which is not subject to refund, as a fee for investigating the application, and the sum of four hundred dollars for the annual license fee. In addition, the applicant must pay a fifty dollar annual fee for each branch location registered to engage in money brokering in this state. Fees must be deposited in the financial institutions regulatory fund.

13-04.1-04.1. Surety bond required.

1. Each licensee shall maintain a surety bond in an amount not less than fifty thousand

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

2. When an action is commenced on a licensee’s bond, the commissioner may require

the filing of a new bond.

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

bond.

13-04.1-04.2. Minimum net worth required.

A minimum net worth must be continuously maintained by every licensee in accordance

with this section.

1. Minimum net worth must be maintained in the amount of twenty-five thousand dollars.
2. If the net worth of a licensee falls below the minimum net worth set forth in

subsection 1, the licensee shall provide a plan, subject to the approval of the

commissioner, to increase the licensee’s net worth to an amount in conformance with

this section. Submission of a plan under this section must be made within twenty

business days of a notice from the commissioner which states the licensee is not in

compliance with subsection 1. If the licensee does not submit a plan under this

section, fails to comply with an approved plan, or has repeated violations of

subsection 1, the commissioner may revoke the license.

13-04.1-05. Expiration and renewal of license.

All licenses required herein expire on December thirty-first of each year and may be

renewed. Renewals are effective the succeeding January first. Applications for renewal must be submitted thirty days before the expiration of the license and must be accompanied by the required annual fees, which are not subject to refund. The form and content of renewal applications must be determined by the department of financial institutions, and a renewal application may be denied upon the same grounds as would justify denial of an initial application. When a licensee has been delinquent in renewing the licensee’s license, the department may charge an additional fee of fifty dollars for the renewal of such license. A money broker license is not transferable. If the commissioner determines that an ownership change has occurred in a sole proprietorship, partnership, limited liability partnership, corporation, or limited liability corporation that was previously granted a money broker license, the commissioner may require a new application from the purchaser. The application must be filed within forty-five days from the date change of ownership is consummated. The department shall act on the application within sixty days from the date the application is received but may extend the review period for good cause. The money broker license granted to the previous owner continues in effect to the new purchaser until the application is either granted or denied.

13-04.1-05.1. Automatic six-month extension of license during 2009 calendar year.

Repealed by S.L. 2019, ch. 123, § 10.

13-04.1-06. Powers of the department of financial institutions.

Insofar as consistent with the provisions of law, the department of financial institutions has the power to:

1. Determine the qualifications of all applicants based on financial responsibility, financial condition, business experience, character, and general fitness which must reasonably warrant the belief that the applicant’s business will be conducted lawfully and fairly. In determining whether this qualification is met, and for the purpose of investigating compliance with the chapter, the commissioner may review and consider the relevant business records and capital adequacy of the applicant and the competence, experience, integrity, and financial ability of a person who is a member, partner, director, officer, or twenty-five percent or more shareholder of the applicant.
2. Establish codes of ethical conduct for licensees.

13-04.1-07. Manner in which records to be kept.

Every money broker licensed under this chapter shall keep a record of all sums collected by them and of all loans and leases completed as a result of their efforts for a period of six years from the date of last entry thereon. The records of a licensee may be maintained electronically provided they can be reproduced upon request by the department of financial institutions and within the required statutory time period provided in this section. When a licensee ceases operations for any reason, the licensee shall inform the department of the location of the records. In addition, the licensee shall provide the name of the individual responsible for maintenance of the records. The licensee shall notify the department within ten business days of the change of the location of the records or the change of the individual responsible for maintenance of the records.

13-04.1-08. Revocation of license – Suspension of license – Surrender of license.

1. The commissioner may issue and serve upon any licensee an order suspending or

revoking a licensee’s license if the commissioner finds that:

1. The licensee has failed to pay the annual license fee under this chapter or any

examination fee imposed by the commissioner under the authority of this chapter.

1. The licensee, either knowingly or without the exercise of due care to prevent the

same, has violated any provision of this chapter or any regulation or order lawfully

made pursuant to and within the authority of this chapter.

1. Any fact or condition existing at the time of the original application for such

license which clearly would have warranted the department of financial

institutions in refusing originally to issue such license.

1. The licensee has failed to maintain the required bond.
2. The licensee has failed to maintain registration with the secretary of state if so

required.

2. The order must contain a notice of opportunity for hearing pursuant to chapter 28-32.
3. If no hearing is requested within twenty days of the date the order is served upon the

licensee, or if a hearing is held and the commissioner finds that the record so

warrants, the commissioner may enter a final order suspending or revoking the

license.

4. If the commissioner finds that probable cause for revocation of any license exists and

that enforcement of the chapter requires immediate suspension of such license

pending investigation, it may, upon written notice, enter an order suspending such

license for a period not exceeding sixty days, pending the holding of a hearing as

prescribed in this chapter.

5. Any licensee may surrender the licensee’s license by delivering it to the department of financial institutions with written notice of its surrender, but such surrender does not

affect the licensee’s civil or criminal liability for acts committed prior thereto.

13-04.1-08.1. Suspension and removal of money broker officers and employees.

1. The commissioner of financial institutions may issue and serve upon a current or

former money broker officer or employee and upon the licensee involved an order

stating:

1. That the current or former officer or employee is willfully engaging or has willfully

engaged in any of the following conduct:

(1) Violating a law, rule, order, or written agreement with the commissioner.

(2) Engaging in harassment or abuse, the making of false or misleading

representations, or engaging in unfair practices involving lending activity.

(3) Performing an act of commission or omission or practice which is a breach

of trust or a breach of fiduciary duty.

1. The term of the suspension or removal from employment and participation within

the conduct or the affairs of a money broker.

2. The order must contain a notice of opportunity for hearing pursuant to chapter 28-32.
3. If a hearing is not requested within twenty days of the date the order is served, or if a

hearing is held and the commissioner finds that the record so warrants, the

commissioner may enter a final order suspending or removing the current or former

employee. The current or former officer or employee may request a termination of the

final order after a period of no less than three years.

4. A contested or default suspension or removal order is effective immediately upon

service of the final order on the current or former officer or employee and upon the

licensee. A consent order is effective as agreed. Any current or former officer or

employee suspended or removed from employment and participation within the

conduct or the affairs of a money broker pursuant to this section is not eligible, while

under suspension or removal, to be employed or otherwise participate in the affairs of

any financial corporation, financial institution, credit union, or any other entity licensed

by the department of financial institutions.

5. When any current or former officer or employee, or other person participating in the

conduct of the affairs of a licensee is charged with a felony in state or federal court

which involves dishonesty or breach of trust, the commissioner may immediately

suspend the person from office or prohibit the person from further participation in the

affairs of the money broker, or both. The order is effective immediately upon service of

the order on the licensee and the person charged and remains in effect until the

criminal charge is finally disposed of or until modified by the commissioner. If a

judgment of conviction, federal pretrial diversion, or similar state order or judgment is

entered, the commissioner may order that the suspension or prohibition be made

permanent. A finding of not guilty or other disposition of the charge does not preclude

the commissioner from pursuing administrative or civil remedies.

6. Under this section, a person engages in conduct “willfully” if the person acted

intentionally in the sense that the person was aware of what the person was doing.

13-04.1-09. Prohibited acts and practices.

It is a violation of this chapter for a person subject to this chapter to knowingly:

1. Make or cause to be made any material false statement or representation in any

application or other document or statement required to be filed under any provision of

this chapter, or to omit to state any material statement or fact necessary in order to

make the statements made, in light of the circumstances under which they are made,

not misleading.

2. Directly or indirectly, employ any device, scheme, or artifice to defraud or mislead

borrowers or lenders to defraud any person.

3. Directly or indirectly, make any untrue statement of a material fact or to omit to state a

material fact necessary in order to make the statements made, in the light of the

circumstances under which they are made, not misleading in connection with the

procurement or promise of procurement of any lender or loan funds.

4. Engage in any unfair or deceptive practice toward any person.
5. Obtain property by fraud or misrepresentation.
6. Solicit, advertise, or enter into a contract for specific interest rates, points, or other

financing terms unless the terms are actually available at the time of soliciting,

advertising, or contracting.

7. Conduct any business covered by this chapter without holding a valid license as

required under this chapter, or assist or aid and abet any person in the conduct of

business under this chapter without a valid license as required under this chapter.

8. Fail to make disclosures as required by this chapter and any other applicable state or

federal law and regulations.

9. Fail to comply with this chapter or rules adopted under this chapter, or fail to comply

with any other state or federal law, including the rules and regulations thereunder,

applicable to any business authorized or conducted under this chapter.

10. Make, in any manner, any false or deceptive statement or representation, including,

with regard to the rates, points, or other financing terms or conditions for a residential

mortgage loan or engage in bait and switch advertising.

11. Negligently make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental

agency or the nationwide mortgage licensing system and registry or in connection with

any investigation conducted by the commissioner or another governmental agency.

12. Make any payment, threat, or promise, directly or indirectly, to any person for the

purposes of influencing the independent judgment of the person in connection with a

loan or make any payment, threat, or promise, directly or indirectly, to any appraiser of

a property, for the purposes of influencing the independent judgment of the appraiser

with respect to the value of the property.

13. Collect, charge, attempt to collect or charge, or use or propose any agreement

purporting to collect or charge any fee prohibited by this chapter.

14. Cause or require a borrower to obtain property insurance coverage in an amount that exceeds the replacement cost of the improvements as established by the property

insurer.

15. Fail to truthfully account for moneys belonging to a party to a loan transaction.
16. Conduct another business within the same office, suite, room, or place of business at which the licensee engages in money broker business unless the commissioner

provides written authorization after a determination the other business is not contrary

to the best interests of any borrower or potential borrower.

17. Enter any agreement that constitutes a precomputed loan.

13-04.1-09.1. Advance fees prohibited – Exception.

A money broker may not take any type of fee in advance before the funding of the loan or lease, unless the money broker is licensed under this chapter.

13-04.1-09.2. Maximum charges permitted for loans not in excess of one thousand

dollars – Refund – Installment payments – Permitted charges.

Repealed by S.L. 2021, ch. 112, § 5.

13-04.1-09.3. Maximum charges permitted for loans – Installment payments –

Permitted charges.

1. Interest charges and other fees must be set at rates, amounts, and terms as agreed to by the parties within the loan contract. However, a licensee may not contract for or

receive finance charges pursuant to a loan in excess of an annual rate of thirty-six

percent, including all charges and fees necessary for the extension of credit incurred

at the time of origination.

2. Additional charges may be assessed for nonpayment or late payment as agreed to by

the parties within the loan contract. However, a licensee may not contract for or

receive charges in excess of five percent of the payment. For loans originated for fifty

thousand dollars or less, these charges may not exceed twenty dollars for each

nonpayment or late payment. The charge may be collected at the time of the default or

any time after default. However, if the charge is taken out of any payment received

after a default occurs and if the deduction results in the default of a subsequent

payment, a charge may not be made for the subsequent default. This restriction does

not apply to court costs; lawful fees for the filing, recording, or releasing in any public

office of any instrument securing a loan; and the identifiable charge or premium for

insurance provided for by rule.

3. Additional restrictions for small loans originated for less than two thousand dollars

include the following:

1. Installment loans must be paid in equal installments as agreed to by the parties

within the loan contract. However, the maximum term for installment loans may

not exceed thirty-six months, and a balloon payment is prohibited.

1. Outstanding balances of existing loans may be refinanced into a new small loan

of less than two thousand dollars, but the combination of any refinance fees along

with any fees collected as part of the original loans may not exceed one hundred

dollars per calendar year.

1. Additional charges may be assessed as part of a loan extension or deferment of

payment agreed to by the parties within the agreement. However, a licensee may

not contract for or receive charges in excess of one hundred dollars for these

loan extensions or deferments per calendar year.

13-04.1-10. Orders and injunctions.

Whenever it appears to the department of financial institutions either upon complaint or

otherwise, that any person has engaged in, is engaging in, or is about to engage in any act or practice or transaction which is prohibited by this chapter, or by any order of the department issued pursuant to any section of this chapter or which is declared to be illegal in this chapter, the department may, in its discretion:

1. Issue any order, including cease and desist, stop, and suspension orders, which it

deems necessary or appropriate in the public interest or for the protection of the

public; provided, however, that any person aggrieved by an order issued pursuant to

this subsection may request a hearing before the department if such request is made

within ten days after receipt of the order. Such hearing must be held in accordance

with chapter 28-32 as must any appeal therefrom.

2. Apply to the district court of any county in this state for an injunction restraining such

person and the agents, employees, partners, officers, and directors of such person

from continuing such act, practice, or transaction of engaging therein or doing any acts

in furtherance thereof, and for such other and further relief as the facts may warrant. In

any proceeding for an injunction, the department may apply for and on due showing be

entitled to have issued the court’s subpoena requiring the appearance forthwith of any

defendants and their agents, employees, partners, officers, or directors, and the

production of such documents, books, and records as may appear necessary for the

hearing upon the petition for an injunction. Upon proof of any of the offenses described

in this section, the court may grant such injunction as the facts may warrant. The court

may not require the department to post a bond.

13-04.1-11. Investigations, subpoenas, and examination authority.

In addition to any authority allowed under this chapter, the commissioner may conduct

investigations and examinations as follows:

1. The department of financial institutions in its discretion:
2. May make such public or private investigation or examination within or outside

this state as it deems necessary to determine whether any person has violated or

is about to violate any provision of this chapter or any rule or order hereunder, or

to aid in the enforcement of this chapter or in the prescribing of rules and forms

hereunder. The licensee shall pay an investigation or examination fee and must

be charged by the department of financial institutions at an hourly rate to be set

by the commissioner, sufficient to cover all reasonable expenses of the

department associated with the visitation provided for by this section. Fees must

be deposited in the financial institutions regulatory fund.

1. May require or permit any person to file a statement in writing, under oath or

otherwise as the department determines, as to all the facts and circumstances

concerning the matter to be investigated or examined.

1. May publish information concerning any violation of this chapter or any rule or

order hereunder.

2. For the purpose of any investigation, examination, or proceeding under this chapter,

the department of financial institutions may administer oaths and affirmations,

subpoena witnesses, compel their attendance, take evidence, and require the

production of any books, papers, correspondence, memoranda, agreements, or other

documents or records which the department deems relevant or material to the inquiry.

3. In case of contumacy by, or refusal to obey a subpoena issued to, any person, the

district court, upon application by the department of financial institutions, may issue to

the person an order requiring such person to appear before the department, there to

produce documentary evidence if so ordered or to give evidence touching the matter in

question under investigation or examination. Failure to obey the order of the court may

be punished by the court as a contempt of court.

4. No person is excused from attending and testifying or from producing any document or record before the department of financial institutions, or in obedience to the subpoena of the department, or in any proceeding instituted by the department, on the grounds that the testimony or evidence, documentary or otherwise, required of such person may tend to incriminate such person or subject such person to a penalty forfeiture; but no individual may be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter, or thing concerning which such person is

compelled, after claiming the privilege against self-incrimination, to testify or produce

evidence, documentary or otherwise, except that the individual testifying is not exempt

from prosecution and punishment for perjury or contempt committed in testifying.

5. For purposes of initial licensing, license renewal, license suspension, license

conditioning, license revocation or termination, or general or specific inquiry or

investigation to determine compliance with this chapter, the commissioner may

access, receive, and use any books, accounts, records, files, documents, information,

or evidence, including:

1. Criminal, civil, and administrative history information, including nonconviction

data;

1. Personal history and experience information, including independent credit reports

obtained from a consumer reporting agency described in section 603(p) of the

Fair Credit Reporting Act; and

1. Any other documents, information, or evidence the commissioner deems relevant

to the inquiry or investigation regardless of the location, possession, control, or

custody of such documents, information, or evidence.

6. For purposes of investigating violations or complaints arising under this chapter, or for

purposes of examination, the commissioner may review, investigate, or examine any

licensee or person subject to this chapter, as often as necessary in order to carry out

the purposes of this chapter.

7. Each licensee or person subject to this chapter shall make available to the

commissioner upon request the books and records relating to the operations of such

licensee or person subject to this chapter. The commissioner shall have access to

such books and records and interview the officers, principals, mortgage loan

originators, employees, independent contractors, agents, and customers of the

licensee or person subject to this chapter concerning their business.

8. Each licensee or person subject to this chapter shall make or compile reports or

prepare other information as directed by the commissioner in order to carry out the

purposes of this section, including:

1. Accounting compilations;
2. Information lists and data concerning loan transactions in a format prescribed by

the commissioner; or

1. Such other information deemed necessary to carry out the purposes of this

section.

9. In making any investigation or examination authorized by this chapter, the

commissioner may control access to any documents and records of the licensee or

person under investigation or examination. The commissioner may take possession of

the documents and records or place a person in exclusive charge of the documents

and records in the place where they are usually kept. During the period of control, a

person may not remove or attempt to remove any of the documents and records

except pursuant to a court order or with the consent of the commissioner. Unless the

commissioner has reasonable grounds to believe the documents or records of the

licensee have been, or are at risk of being altered or destroyed for purposes of

concealing a violation of this chapter, the licensee or owner of the documents and

records may have access to the documents or records as necessary to conduct its

ordinary business affairs.

10. In order to carry out the purposes of this section, the commissioner may:
11. Retain accountants, or other professionals and specialists as examiners,

auditors, or investigators to conduct or assist in the conduct of examinations or

investigations;

1. Enter into agreements or relationships with other government officials or

regulatory associations in order to improve efficiencies and reduce regulatory

burden by sharing resources, standardized or uniform methods or procedures,

and documents, records, information, or evidence obtained under this section;

1. Use, hire, contract, or employ publicly or privately available analytical systems,

methods, or software to examine or investigate the licensee, individual, or person

subject to this chapter;

1. Accept and rely on examination or investigation reports made by other

government officials, within or without this state; and

1. Accept audit reports made by an independent certified public accountant for the

licensee or person subject to this chapter in the course of that part of the

examination covering the same general subject matter as the audit and may

incorporate the audit report in the report of the examination, report of

investigation, or other writing of the commissioner.

11. The authority of this section remains in effect, whether such a licensee or person

subject to this chapter acts or claims to act under any licensing or registration law of

this state or claims to act without such authority.

12. A licensee or person subject to investigation or examination under this section may not knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.

13-04.1-11.1. Response to department requests.

An applicant, licensee, or other person subject to the provisions of this chapter shall comply with requests for information, documents, or other requests from the department of financial institutions within the time specified in the request, which must be a minimum of ten days, or, if no time is specified, within thirty days of the mailing of the request by the department of financial institutions. If the request for information is in regard to a new application or renewal of an existing application and is not received within the time specified in the request, or within thirty days of the mailing of the request, the department may deny the application.

13-04.1-12. Remedies not exclusive.

The remedies provided for in this chapter are in addition to and not exclusive of any other remedies provided by law.

13-04.1-13. Penalty.

Any person violating any of the provisions of this chapter or any rule or order of the

department of financial institutions made pursuant to the provisions of this chapter or who engages in any act, practice, or transaction declared by any provision of this chapter to be unlawful is guilty of a class C felony. The commissioner may impose a civil money penalty not to exceed five thousand dollars per violation upon a person or agency who willfully violates a law, rule, written agreement, or order under this chapter. An interested party may appeal the assessment of a civil money penalty under the provisions of chapter 28-32 by filing a written notice of appeal within twenty days after service of the assessment of civil money penalties. A civil money penalty collected under this section must be paid to the state treasurer and deposited in the financial institutions regulatory fund.

13-04.1-14. Confidentiality.

To promote more effective regulation and reduce regulatory burden through supervisory

information sharing:

1. Except as otherwise provided in Public Law 110-289, section 1512, the requirements

under any federal law, chapter 44-04, or section 6-01-07.1, regarding the privacy or

confidentiality of any information or material provided to the nationwide mortgage

licensing system and registry, and any privilege arising under federal or state law,

including the rules of any federal or state court, with respect to such information or

material, continue to apply to such information or material after the information or

material has been disclosed to the nationwide mortgage licensing system and registry.

Such information and material may be shared with all state and federal regulatory

officials with mortgage industry oversight authority without the loss of privilege or the

loss of confidentiality protections provided by federal law, chapter 44-04, or section

6-01-07.1.

2. For these purposes, the commissioner may enter agreements or sharing

arrangements with other governmental agencies, the conference of state bank

supervisors, the American association of residential mortgage regulators, or other

associations representing governmental agencies.

3. Information or material that is subject to a privilege or confidentiality under

subsection 1 is not subject to:

1. Disclosure under any federal or state law governing the disclosure to the public of

information held by an officer or an agency of the federal government or the

respective state; or

1. Subpoena or discovery, or admission into evidence, in any administrative

process, unless with respect to any privilege held by the nationwide mortgage

licensing system and registry with respect to such information or material, the

person to whom such information or material pertains waives, in whole or in part,

in the discretion of such person, that privilege.

4. The commissioner shall take all necessary steps, under any applicable law or rule, to

protect the disclosure of information or material that is subject to a privilege or

confidentiality under subsection 1. Records subject to a privilege or confidentiality

under subsection 1 may be required to be disclosed only pursuant to an order of the

court. The court ordering the disclosure shall issue a protective order to protect the

confidential nature of the records.

5. Application of chapter 44-04 or section 6-01-07.1, relating to the disclosure of

confidential supervisory information or any information or material described in

subsection 1 which is inconsistent with subsection 1, is superseded by the

requirements of this section.

13-04.1-15. Change of name or address.

A licensee is required to submit within twenty business days of the date of change

notification of a change of name or change of address. The notification must be in the form prescribed by the commissioner.

13-04.1-16. Call reports.

Each licensee shall submit to the nationwide mortgage licensing system and registry reports of condition which must be in such form and must contain such information as the nationwide mortgage licensing system and registry may require.

13-04.1-17. Report to nationwide mortgage licensing system and registry.

Notwithstanding state privacy law, the commissioner shall report regularly violations of this chapter, as well as enforcement actions and other relevant information, to the nationwide mortgage licensing system and registry subject to the provisions contained in section 13-10-15.

13-04.1-18. Disclosure of customer information.

Except for provisions of chapter 6-08.1 which are inconsistent with this chapter, chapter

6-08.1 applies to all money brokers licensed under this chapter.