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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Collection Agency License This License is required for any person or entity who, in the ordinary course of business, engages in the act of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. This also includes solicitation of debts for the purpose of collection and accepting assignment of debts for the purpose of collection.
Debt Settlement Service Provider License This License is required for any person or entity engaging in, or holding itself out as engaging in, the business of providing debt-settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person engaging in, or holding itself out as engaging in, the business of providing debt-settlement service in exchange for any fee or compensation.
Deferred Presentment Service Provider License This License is required for any person or entity who pays to a customer the amount of a check, less the fees permitted, and accepts a check from the customer dated on the date of the transaction and agrees to hold the check for a period of time before negotiation or presentment; accepts a check dated after the date of the transaction and agrees to hold the check for deposit until the date written on the check; or pays to the customer an agreed-upon amount, and obtains the customer's authorization to transfer or withdraw, electronically or otherwise, funds from a customer's account in repayment at some future, agreed-upon date.
Exempt Company Registration This registration is available for any company that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of North Dakota. Please consult the state regulator before applying for this registration.
Money Broker License This License is required of any person or entity who, in the normal course of business, engages in 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.
Money Transmitter License This License is required for any person or entity that engages in the business of the sale or issuance of payment instruments, stored value, or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile, or electronic transfer. Notwithstanding any other provision of law, "money transmission" also includes bill payment services not limited to the right to receive payment of any claim for another.
Residential Mortgage Lender Any company that is attempting to originate or broker Residential Mortgage loans in North Dakota. [Effective August 1, 2023] NDCC 13-12-05 – Every application or renewal for a residential mortgage lender license or branch registration must be made upon forms designed and furnished by the department of financial institutions and must contain any information which the department deems necessary and proper. A branch registration that constitutes a net branch or net branching arrangement is prohibited. The department may further require any applicant to provide additional information which is not requested on the application form.
Residential Mortgage Loan Servicer Refer to North Dakota Century Code Chapter 13-13 Except as otherwise provided, a person other than a residential mortgage loan servicer licensed and authorized under this chapter may not engage in residential mortgage loan servicing, either as a servicer, subservicer, or mortgage servicing rights investor, in the state without a residential mortgage loan servicer license issued by the commissioner. A person engages in residential mortgage loan servicing in the state if the borrower resides in North Dakota. "Residential mortgage loan servicing" means receiving any scheduled periodic payments from a borrower pursuant to the terms of any federally related mortgage loan, including amounts for escrow accounts under section 10 of the Real Estate Settlement Procedures Act [12 U.S.C. 2609], and making the payments to the owner of the loan or other third parties of principal and interest and such other payments with respect to the amounts received from the borrower as may be required pursuant to the terms of the mortgage servicing loan documents or servicing contract. In the case of a home equity conversion mortgage or reverse mortgage as referenced in this section, servicing includes making payments to the borrower. "Service or servicing a loan" means on behalf of the lender or investor of a residential mortgage loan: a. Collecting or receiving payments on existing obligations due and owing to the lender or investor, including payments of principal, interest, escrow amounts, and other amounts due; b. Collecting fees due to the servicer; c. Working with the borrower and the licensed lender or servicer to collect data and make decisions necessary to modify certain terms of those obligations either temporarily or permanently; d. Otherwise finalizing collection through the foreclosure process; or e. Servicing a reverse mortgage loan. "Servicer" means the entity performing the routine administration of residential mortgage loans on behalf of the owner or owners of the related mortgages under the terms of a servicing contract. "Subservicer" means the entity performing the routine administration of residential mortgage loans as agent of a servicer or mortgage servicing rights investor under the terms of a subservicing contract. "Mortgage servicing rights investor" means entities that invest in and own mortgage servicing rights and rely on subservicers to administer the loans on their behalf. Mortgage servicing rights investors are often referred to as master servicers. "Mortgage servicing rights" refers to the contractual right to service residential mortgage loans on behalf of the owner of the associated mortgage in exchange for specified compensation in accordance with the servicing contract. "Large servicer" means a residential mortgage servicer with servicing portfolios of two thousand or more one-to-four unit residential mortgage loans serviced or subserviced for others, excluding whole loans owned, and loans being "interim" serviced prior to sale as of the most recent calendar year end, reported in the nationwide multistate licensing system and registry mortgage call report, and that operates in two or more states, districts, or territories of the United States either currently or as of the prior calendar year end. For entities within a holding company or affiliated group of companies' applicability must be at the large servicer level. This definition excludes servicers solely owning or conducting reverse mortgage servicing, or both, or the reverse mortgage portfolio administered by the large servicer
Branch Licenses Description Requirements Checklist
Collection Agency Branch Registration Registration is required for all branch office locations, other than the main office identified in the Collection Agency License, whether located in North Dakota or not, which conducts collection activities in North Dakota.
Debt Settlement Service Provider Branch Registration Registration is required for all branch office locations, other than the main office identified in the Debt Settlement Service Provider License, whether located in North Dakota or not, which conducts debt settlement activities.
Deferred Presentment Service Provider Branch License The branch license is required for all Deferred Presentment Service Provider Locations other than the main office. According to North Dakota law, these licenses are considered separate company licenses with their own bonding and net worth requirements.
Exempt Company Branch Registration Registration is required for all branch office locations, other than the main office holding the Exempt Company Registration. This registration is available for any branch that employs state-licensed mortgage loan originators but is not required to be licensed under the laws of North Dakota.
Money Broker Branch Registration Registration is required for all branch office locations, other than the main office identified in the Money Broker License, whether located in North Dakota or not, which conducts money brokering activities with North Dakota residents.
Residential Mortgage Lender Branch Registration Any Residential Mortgage Lender Branch Office that is attempting to originate or broker loans in North Dakota. [Effective August 1, 2023] The registration should only be applied for by a company that also holds or is applying for a North Dakota Residential Mortgage Lender License. The residential address of an MLO can be registered as a branch for remote workers but may not be required. Please refer to the FAQs on the Department website, Frequently Asked Questions - Non-Depository | ND Department of Financial Institutions NDCC 13-12-05 – Every application or renewal for a residential mortgage lender license or branch registration must be made upon forms designed and furnished by the department of financial institutions and must contain any information which the department deems necessary and proper. A branch registration that constitutes a net branch or net branching arrangement is prohibited. The department may further require any applicant to provide additional information which is not requested on the application form.
Residential Mortgage Loan Servicer Branch Registration Any Residential Mortgage Loan Servicer Branch Office that is servicing North Dakota Residential Mortgage Loans. This registration should only be applied for by a company that also holds or is applying for a North Dakota Residential Mortgage Loan Servicer Company License. NDCC 13-13-05 – Every application for a residential mortgage loan servicer license or branch registration, or a renewal, must be made upon forms designated and furnished by the department of financial institutions and must contain any information which the department shall deem necessary and proper. The department may further require any application to provide additional information which is not requested on the application form. The applicant shall register with the North Dakota secretary of state if so required.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator License This License is required of any individual, who for compensation or gain or in the expectation of compensation or gain, takes a residential mortgage loan application; or offers or negotiates terms of a residential mortgage loan.
 

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