North Dakota Money Broker Bonds

Category: Uncategorized
Published: Nov 13, 2011
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.

The following two tabs change content below.


Latest posts by John (see all)