According to the National Mortgage Licensing System, “any person who… 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” is required to be licensed in the State of North Dakota. In compliance with the money broker licensing requirements outlined in North Dakota Century Code Title 13-04, the North Dakota Money Broker Bond protects the public from malpractice by the money broker.
The required bond amount of the North Dakota Money Broker Bond is $25,000.
When action is taken on a licensee’s bond, the State of North Dakota may require the filing of a new bond in a form prescribed by the State.
All fees are required by the obligee, not the Surety Company.