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.

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