Recent Enactement: North Dakota House Bill 1389
This new law requires real estate appraisal management companies operating in North Dakota to be be both licensed and bonded. HB 1389 authorizes the obligee, the ND Real Estate Appraiser Qualifications and Ethics Board, to require a surety bond through regulations.
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Bond requirements for money brokers will be revised through this bill. Under current law a $25,000 surety bond is required to be posted. Through the new bill requirements there must be a minimum $25,000 bond with the amount to be determined by rules. The money broker’s loan origination volume in the previous year will determine the amount of the bond. A larger bond may be required by the Commissioner of Financial Institutions. This is only if he or she determines it necessary in order to protect the public interest.
Temporary work camp housing and procedures for installing and removing the structure will be provided through this bill. The housing put up through this bill must be removed within 120 days of it being vacated. A surety bond must be posted by the owner and provide this to the city or county where the work camp housing is installed. This is for the expenses that the city or county could incur by removing the housing, this includes any above-grade or below-grade infrastructure. The amount and form required for the bond or other security will be determined by the city or county.
This house bill will rewrite the existing law for wholesale potato dealers. Under current law the dealers must be licensed, and a form of financial security is sometimes required by the State Seed Commissioner. A surety bond is an example of a financial security accepted by the State Seed Commissioner. The new bill will make the financial security requirement mandatory as a condition of licensure instead.
Debt management service providers will be regulated by this bill. This would require licensure and a $50,000 surety bond to be posted. The Commissioner of the Department of Financial Institutions will be allowed to require a larger bond through regulations of this bill.
The Commissioner of Financial Institutions will now be allowed to increase the $20,000 license bond that is required under existing law for collection agencies. The bond increase will be at the Commissioner’s discretion and is based on his or her determination that would protect the public’s interest. Also under this bill a minimum net worth requirement of $25,000 will be added.
HB 1191: Miscellaneous Bond – Trailer License Plates
This will eliminate a procedure where license plates for a trailer can be issued for a period of six years. If the bill is past the bond requirement will be eliminated as well.