Money Broker License Bond
What is a North Dakota Money Broker License Bond?
Per the North Dakota Century Code Chapter 13-04.1, the Deptartment of Financial Institutions requires a $50,000 surety bond to be e-filed with the NMLS for any person or entity engaged in any money brokering that involves a borrower who is a North Dakota resident.
Per the ND Licensee Checklist, the bond permits the following activities:
- First or second mortgage brokering or lending
- Home equity lending/lines of credit
- Reverse mortgage brokering or lending
- High cost home loans
- Manufactured housing financing
- Commercial or industrial loan brokering or lending
- Ag lending or brokering
- Consumer loan brokering or lending
- Student loan brokering or lending
- Lease financing for non-inventory
- Tax refund anticipation lending
- Other lending or brokering activities