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The North Dakota Department of Financial Institutions is responsible for chartering, regulating, and examining North Dakota state-chartered banks, credit unions, and trust companies.  The Department also licenses and regulates Money Brokers, Mortgage Loan Originators, Deferred Presentment Service Providers (Payday Lenders), Collection Agencies, Debt Settlement Service Providers, and Money Transmitters conducting business in North Dakota.  Please be aware the Department does not regulate all institutions doing business in North Dakota.  Specifically, we do not regulate federally-chartered banks or credit unions.

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North Dakota Receives Federal Waiver to Reduce Delays for Real Estate Appraisals

BISMARCK, N.D. (AUG. 26, 2019) – North Dakota recently became the first state in the nation to receive a federal waiver designed to help consumers by reducing wait times for real estate appraisals.


The North Dakota Department of Financial Institutions (DFI), North Dakota Bankers Association and Gov. Doug Burgum requested the waiver, seeking temporary relief for consumers as the state experiences a shortage of credentialed appraisers.


The Appraisal Subcommittee of the Federal Financial Institutions Examination Council (FFIEC) has temporarily waived the credentialing requirements for federally related transactions under $500,000 for residential real estate and under $1 million for agricultural and commercial real estate in North Dakota.


Under the waiver, North Dakota banks and credit unions can appoint someone other than a licensed or credentialed appraiser to conduct assessments for real estate mortgage loans issued by banks or credit unions. All appraisals still must comply with the Uniform Standards of Professional Appraisal Practice. 


This is the first time a state has been granted such a waiver since the option became available in 1989, DFI Commissioner Lise Kruse said. 


“The Department of Financial Institutions is fully committed to working with the depository institutions and the appraisal industry to address the appraisal delays, as the health of both industries is important to our citizens and our economy,” Kruse said. “This is a call for all of us – appraisers, financial institutions and state and federal regulators – to come together to find a long-term solution for timely appraisals and help consumers in North Dakota.”


North Dakota currently has a shortage of appraisers who meet federal law requirements, which has caused assessments in some parts of the largely rural state to take up to three months. The waiver aims to improve the timeliness of real estate transactions for at least the next year; the waiver may be extended for another year if certain conditions are met.


Banks and other financial institutions must appoint well-qualified people to conduct the appraisals and ensure the loan process is efficient. As the state regulator, the DFI will continue to enforce the law when there are loan violations, including missing appraisals. 


A link to the Order can be found here.

Temporary Waiver Request Published in the Federal Registry

The ASC has published in today’s Federal Register, a 30-day Notice for Comment for a Temporary Waiver Request from the State of North Dakota, the North Dakota Department of Financial Institutions and the North Dakota Bankers Association.  The comment period will close on July 1, 2019.  The Notice can be viewed hereComments can be viewed here by searching for Docket Number AS19-04.


Please give particular attention to the four questions at the end of the Notice. 

Department Issues Order on Former Credit Union Employee

On March, 29, 2019, Commissioner Lise Kruse issued an Order suspending Charity Erickson, a former employee of Citizens Community Credit Union, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The parties listed in this Order have been provided the opportunity to request a hearing pursuant to law. A copy of the Order may be viewed here: Order

Temporary Waiver Request Response Letter Submitted to the Appraisal Subcommittee

The response to the request made by the Appraisal Subcommittee on September 7, 2018, for clarification and additional information to our August 1, 2018, submission has been issued.  Specifically, the request was for confirmation of the relief being sought is within the Appraisal Subcommittee's statutory authority, additional documentation of the scarcity of appraisers in markets throughout the State, and documentation relating to the significant delays caused by this scarcity. Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have issued the response jointly. Click here to view the response.

Department Issues Letters to Non-Depositories on Law Changes

Several changes have been made during North Dakota's 66th Legislative Session that impact non-depositories. Letters to the industries summarizing these changes can be found here for money brokers, here for money transmitters, here for collection agencies, and here for deferred presentment service providers.