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Financial Services Law Insights and Observations

North Dakota Amends State Mortgage Law

State Issues

On April 9, North Dakota Governor John Hoeven signed SB 2160, a bill amending North Dakota mortgage law. The bill outlines permissible and maximum charges and permissible payment installments by licensees. In addition, the bill reflects compliance with the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 by providing for the licensing of all mortgage loan originators under the Nationwide Mortgage Licensing System. In this regard, the bill proscribes requirements regarding, among other things, licensing, pre-and continuing education, testing, minimum net worth, and surety bonds. The bill also provides for investigation and examination authority and outlines prohibited acts and practices. Most provisions of the bill become effective August 1, 2009.