North Dakota Code 13-04.1-02.1 – Entities exempted from licensing requirements
This chapter does not apply to:
Terms Used In North Dakota Code 13-04.1-02.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Individual: means a human being. See North Dakota Code 1-01-49
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- year: means twelve consecutive months. See North Dakota Code 1-01-33
1. Banks; 2. Credit unions; 3. Savings and loan associations; 4. Insurance companies; 5. Residential mortgage lenders licensed under chapter 13-12; 6. Individuals licensed under chapter 13-10 solely pursuant to the individual‘s official duties as a mortgage loan originator; 7. State or federal agencies and employees of state or federal agencies solely pursuant to the individual’s official duties as an employee of the state or federal agency; 8. Institutions chartered by the farm credit administration; 9. Trust companies; 10. Any other person or business regulated and licensed to lend money by the state of North Dakota; 11. A real estate broker, broker, or a real estate salesperson as defined in section 43-23-06.1 in the brokering of loans to assist a person in obtaining financing for real estate sold by the real estate broker, broker, or real estate salesperson; 12. Any person, retail seller, or manufacturer providing or arranging financing for its own property or inventory held as a normal course of business, or to leases on any real property; 13. A bona fide pawnbrokering transaction made by a pawnbroker licensed by a North Dakota county or municipality; 14. A certified development corporation that qualifies as a nonprofit entity under section 501(c)(3) of the federal Internal Revenue Code [26 U.S.C. § 501(c)(3)] in the offers of:
a. Loan products primarily limited to the small business administration, United States department of agriculture, or other government loan products; or
b. Nongovernmental loan products that are limited to loans to promote community development or home ownership, and these loans are offered with favorable terms including an interest rate at or below the wall street journal prime rate and loan fees of less than a quarter percent of the loan origination balance; or
15. A nonprofit corporation that qualifies as a nonprofit entity under section 501(c)(3) of the Internal Revenue Code [26 U.S.C. § 501(c)(3)] which is not primarily in the business of soliciting or brokering loans, if the nonprofit corporation makes five or fewer loans in a given calendar year, makes these loans to promote community development or home ownership, and offers these loans on favorable terms, including an interest rate at or below the wall street journal prime rate and loan fees of less than a quarter percent of the loan origination balance.