Frequently Asked Questions - Non-Depository

Collection Agencies

What type of activity requires a collection agency license in North Dakota?

NDCC Section 13-05-02 requires a collection agency license for any person or entity who engages in debt collection with a debtor residing in North Dakota.

Do I need a license if I collect business or commercial debt?

Yes, the broad definition of debt collection includes both consumer and commercial debt.

Do I need a license if I merely purchase debt?

If a person or entity purchases debt that is not in default, that person or entity may qualify under the creditor exemption from licensure found in NDCC 13-05-02 (9), and collect on the debt.  However, if the debt was in default at the time of purchase, the party receiving assignment or transfer of the debt would not qualify under the creditor exemption.  As such, while the debt could still be purchased, the entity or individual would require licensure to collect on the debt, unless another exemption applied.

Who is exempt from licensure as a collection agency in North Dakota?

A list of exemptions from collection agency licensure can be found under NDCC 13-05-02.3.

How can I determine if an individual or entity is licensed as a collection agency in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  All collection agencies licensed by our Department are registered through the NMLS system.  You can determine whether a company or individual is a licensed collection agency in North Dakota by going to the NMLS Consumer Access portal:  http://www.nmlsconsumeraccess.org.

What are the requirements to be a collection agency in North Dakota and how do I obtain a license?

Entities or individuals seeking a collection agency license can do so by accessing the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.  A checklist of requirements is available on that site.

Is North Dakota a state which requires a physical presence for its collection agency license?

North Dakota does not require a physical presence for its collection agency license.

What are the fees associated with obtaining a collection agency license in North Dakota?

North Dakota license fees include a $400 initial application fee and a $400 annual license fee, which is required at each subsequent renewal.  Further, there is a $50 annual fee for each branch location registered to engage in debt collection in North Dakota.  In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, and credit report check fees.

How often do I need to renew my collection agency license?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.

What are some general protections for consumers relating to collection agencies?

Knowing your rights is important.  A good resource for reviewing your rights relating to debt collection activities can be found at the Federal Trade Commission (FTC) website:  https://www.consumer.ftc.gov/articles/0149-debt-collection.  This site discusses a variety of collection issues, including the Fair Debt Collection Practices Act (FDCPA), time and methods of phone calls, privacy, information you are entitled to receive, prohibited collection practices, garnishments, legal recourse, and complaints.

Does North Dakota regulate the content of a website (URL) address? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses?

Generally, the Department does not regulate or restrict website (URL) names or addresses.  The one exception is if the address includes the words "bank", "credit union", "trust" or any variation of those terms which could inaccurately represent or imply the website belongs to one of these entities.

If the legal name of a company is not included in the website (URL) address, is the website required to be registered as a DBA?

No.

If the legal name of a company is not included in the website (URL) address, should the website be listed in the company’s NMLS profile?

Yes, the correct contact information should be listed in NMLS.

If the legal name of a company is not included in the website (URL) address, should the website be registered with the Secretary of State (or like agency)?

At this time, there are no registration requirements for website addresses with the Secretary of State.

If the legal name of a company is not included in the website (URL) address, should the website be a subset of the company’s primary website (URL) address? (example wwwcompanyname/JohnDoecompany.com)

This is a business decision that is not regulated by the Department of Financial Institutions.

Debt-Settlement Providers

What type of activity requires a debt-settlement provider license in North Dakota?

NDCC Section 13-11-02 requires a debt-settlement provider license for any person who provides debt-settlement services to North Dakota residents.  NDCC 13-11-01 (6) defines a debt-settlement provider to mean "...any person engaging in, or holding itself out as engaging in, the business of providing debt-settlement service in exchange for any fee or compensation, or any person who solicits for or acts on behalf of any person engaging in, the business of providing debt-settlement service in exchange for any fee or compensation."

NDCC 13-11-01 (7)(a) and (7)(b) provides details on what constitutes debt-settlement services and what activities are not included.

Who is exempt from licensure as a debt-settlement provider in North Dakota?

A list of exempted entities and individuals is included in NDCC 13-11-01 (6).

How can I determine if a debt-settlement provider is licensed to do business in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  All companies licensed by our Department are registered through the NMLS system.  You can determine whether a company or individual is a licensed debt-settlement provider in North Dakota by going to the NMLS Consumer Access portal:  http://www.nmlsconsumeraccess.org.

What are the requirements to be a debt-settlement provider in North Dakota and how do I obtain a license?

Individuals seeking a debt-settlement provider license can do so by accessing the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.  A checklist of requirements is available on that site.

Is North Dakota a state which requires a physical presence for its debt-settlement provider license?

North Dakota does not require a physical presence for its debt-settlement provider license.

What are the fees associated with obtaining a debt-settlement provider license in North Dakota?

North Dakota license fees include a $400 initial application fee and a $400 annual license fee, which is required at each subsequent renewal.   Further, each applicant must pay a $50 annual fee for each branch location registered to engage in debt-settlement in North Dakota.  In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, and credit report check fees.

How often do I need to renew my debt-settlement provider license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.

Does North Dakota regulate the content of a website (URL) address? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses?

Generally, the Department does not regulate or restrict website (URL) names or addresses.  The one exception is if the address includes the words "bank", "credit union", "trust" or any variation of those terms which could inaccurately represent or imply the website belongs to one of these entities.

If the legal name of a company is not included in the website (URL) address, is the website required to be registered as a DBA?

No.

If the legal name of a company is not included in the website (URL) address, should the website be listed in the company’s NMLS profile?

Yes, the correct contact information should be listed in NMLS.

If the legal name of a company is not included in the website (URL) address, should the website be registered with the Secretary of State (or like agency)?

At this time, there are no registration requirements for website (URL) addresses with the Secretary of State.

If the legal name of a company is not included in the website (URL) address, should the website be a subset of the company’s primary website (URL) address? (example wwwcompanyname/JohnDoecompany.com)

This is a business decision that is not regulated by the Department of Financial Institutions.

Deferred Presentment Service Providers (Payday Lenders)

What type of activity requires a deferred presentment service provider license in North Dakota?

NDCC Section 13-08-01 (5)  states that a deferred presentment service transaction means a transaction by which a person pays to a customer the amount of a check and accepts a check from the customer on the date of the transaction and agrees to hold the check for a period of time before presentment, accepts a check dated after the date of the transaction and agrees to hold the check for a period of time before presentment, or pays to the customer an agreed-upon amount and obtains the customer's authorization to transfer or withdraw, electronically or otherwise, funds from a customer's account in repayment at some future, agreed-upon date.  NDCC Section 13-08-02 requires a license in order to provide deferred presentment services. A person is considered to be providing a deferred presentment service if the customer is located in this state.

How can I determine if a deferred presentment service provider is licensed to do business in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  All companies licensed by our Department are registered through the NMLS system.  You can determine whether a company or individual is a licensed deferred presentment service provider in North Dakota by going to the NMLS Consumer Access portal:  http://www.nmlsconsumeraccess.org.

What are the requirements to be a deferred presentment service provider in North Dakota and how do I obtain a license?

Individuals seeking a money broker license can do so by accessing the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.  A checklist of requirements is available on that site.

Do I need to secure a separate license for each location that I operate in North Dakota?

Yes.  NDCC Section 13-08-02 states that a licensee is required to acquire a separate deferred presentment service provider license for each location from which business is conducted.  This means that investigations or examinations will be conducted on each branch as if it were a separate company.  However, in the NMLS system, these additional locations are referred to, and treated as, branches.

Is North Dakota a state which requires a physical presence for its deferred presentment service provider license?

North Dakota does not require a physical presence for its deferred presentment service provider license.

What are the fees associated with obtaining a deferred presentment service provider license in North Dakota?

North Dakota license fees include a $400 initial application fee and a $450 annual license fee, which is required at each subsequent renewal.  These licensing fees are required for each location operated by the licensee which is registered to conduct payday lending in North Dakota.  In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, and credit report check fees.

How often do I need to renew my deferred presentment payment provider license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Can deferred presentment service providers provide title loans in North Dakota?

No.  NDCC 13-08-12 (1)(f) states:  "No property, titles to any property, or mortgage may be received or held directly or indirectly by the licensee as a condition of a deferred presentment service transaction or as a method of collection on a defaulted deferred presentment service transaction without proper civil process."

How often do I need to renew my deferred presentment service provider license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

What is the maximum amount for a payday loan in North Dakota?

NDCC 13-08-12 (4) states the maximum aggregate amount of outstanding obligations that can be held by one individual is $600, of which $500 would be the actual loan proceeds.  This means that a licensee will not be authorized to provide any additional payday loans to a person who already owes $600 in payday loan obligations.

What is the maximum fee for a payday loan in North Dakota?

NDCC 13-08-12 (2) states that a licensee's fee cannot exceed 20% of the amount paid to the customer by the licensee. {example:  For a payday loan of $100, the licensee can charge a maximum fee of $20}.  The only other fee that may be passed on to the customer is the actual fee paid by the licensee to register the transaction on the payday loan database.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.

Does North Dakota regulate the content of a website (URL) address? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses?

Generally, the Department does not regulate or restrict website (URL) names or addresses.  The one exception is if the address includes the words "bank", "credit union", "trust" or any variation of those terms which could inaccurately represent or imply the website belongs to one of these entities.

If the legal name of a company is not included in the website (URL) address, is the website required to be registered as a DBA?

No.

If the legal name of a company is not included in the website (URL) address, should the website be listed in the company’s NMLS profile?

Yes, the correct contact information should be listed in NMLS.

If the legal name of a company is not included in the website (URL) address, should the website be registered with the Secretary of State (or like agency)?

At this time, there are no registration requirements for website (URL) addresses with the Secretary of State.

If the legal name of a company is not included in the website (URL) address, should the website be a subset of the company’s primary website (URL) address? (example wwwcompanyname/JohnDoecompany.com)

This is a business decision that is not regulated by the Department of Financial Institutions.

Money Brokers

What type of activity requires a North Dakota money broker's license?

NDCC Section 13-04.1-02 requires a money broker license for any person engaging in money brokering activities with a borrower who resides in North Dakota. 

NDCC 13-04.1-01.1 (4) defines money brokering as "...the act of arranging or providing loans or leases as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide loans or leases for persons or businesses desirous of obtaining funds for any purposes."

Is commercial lending considered to be a money brokering activity in North Dakota?

Yes, the broad definition of money brokering includes both consumer and commercial lending.

How can I determine if an individual or entity is licensed as a money broker in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  All non-bank and credit union companies licensed as money brokers by our Department are registered through the NMLS system.  You can determine whether a company or individual is a licensed money broker in North Dakota by going to the NMLS Consumer Access portal:  http://www.nmlsconsumeraccess.org.

Who is exempt from licensure as a money broker in North Dakota?

A list of individuals and entities exempt from money broker licensure requirements is found under NDCC 13-04.1-02.1

What are the requirements to be a money broker in North Dakota and how do I obtain a license?

Entities or individuals seeking a money broker license can do so by accessing the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.  A checklist of requirements is available on that site.

Is North Dakota a state which requires a physical presence for its money broker license?

North Dakota does not require a physical presence for its money broker license.

What are the fees associated with becoming a money broker in North Dakota?

North Dakota license fees include a $400 initial application fee and a $400 annual license fee, which is required at each subsequent renewal.  Further, there is a $50 annual fee for each branch location registered to engage in money brokering in North Dakota.  In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, and credit report check fees.

How often do I need to renew my money broker license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.

Does North Dakota regulate the content of a website (URL) address? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses?

Generally, the Department does not regulate or restrict website (URL) names or addresses.  The one exception is if the address includes the words "bank", "credit union", "trust" or any variation of those terms which could inaccurately represent or imply the website belongs to one of these entities.

If the legal name of a company is not included in the website (URL) address, is the website required to be registered as a DBA?

No.

If the legal name of a company is not included in the website (URL) address, should the website be listed in the company’s NMLS profile?

Yes, the correct contact information should be listed in NMLS.

If the legal name of a company is not included in the website (URL) address, should the website be registered with the Secretary of State (or like agency)?

At this time, there are no registration requirements for website (URL) addresses with the Secretary of State.

If the legal name of a company is not included in the website (URL) address, should the website be a subset of the company’s primary website (URL) address? (example wwwcompanyname/JohnDoecompany.com)

This is a business decision that is not regulated by the Department of Financial Institutions.

Money Transmitters

What type of activity requires a money transmitter license in North Dakota?

NDCC Section 13-09-01 requires a money transmitter license for any person who engages in the business of money transmission with North Dakota residents, even if that person has no physical presence in the state.  Under NDCC 13-09-02 (13), money transmission means to "...engage in the business of the sale or issuance of payment instruments, stored value, or of receiving money or monetary value for transmission to a location within or outside the United States by any and all means, including wire, facsimile, or electronic transfer."  Under the same definition, bill payment services are expressly included, while payment processing activities conducted for a merchant under an agency relationship are excluded.

How can I determine if a money transmitter is licensed to do business in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  All companies licensed by our Department are registered through the NMLS system.  You can determine whether a company or individual is a licensed money transmitter in North Dakota by going to the NMLS Consumer Access portal:  http://www.nmlsconsumeraccess.org.

Who is exempt from licensure as a money transmitter in North Dakota?

A list of exclusions from the requirement for a money transmitters license can be found under NDCC 13-09-03.

What are the requirements to be a money transmitter in North Dakota and how do I obtain a license?

Individuals seeking a money transmitter license can do so by accessing the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.  A checklist of requirements is available on that site.

Is North Dakota a state which requires a physical presence for its money transmitter license?

North Dakota does not require a physical presence for its money transmitter license.

What are the fees associated with obtaining a money transmitter license in North Dakota?

North Dakota license fees include a $450 initial application fee and a $400 annual license fee.  A $450 annual fee is required at each subsequent renewal.   In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, credit report check fees, and active authorized agent/delegate location fees.

How often do I need to renew my money transmitter license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Is virtual currency regulated under North Dakota money transmitter statutes?

Currently, the Department does not consider the control or transmission of virtual currency to fall under the scope of NDCC 13-09.  However, any such company that also holds or transmits fiat currency will still need to secure a money transmitter license.

My company holds fiat currency in a digital wallet to facilitate peer-to-peer and/or business-to-business transactions. Does my company need a money transmitter license?

Yes.  Fiat currency-based peer-to-peer and business-to-business transactions are considered money transmission and require a license.

Do I need a money transmitter license to purchase, sell, or operate an exchange for virtual currency?

No.  The purchase, sale, or exchange of virtual currency does not in and of itself require a money transmitter license.  However, other activities related to these business lines may trigger this requirement, such as the transmission of fiat currency-denominated assets to third parties.

My company holds fiat currency in a digital wallet for customers. The fiat currency is used to purchase virtual currency. Does my company need a money transmitter license?

No.  Using a digital wallet to store fiat currency for the purpose of purchasing virtual currency does not require a money transmitter license.

My company holds fiat currency in a digital wallet for customers, which is used to purchase virtual or to transmit fiat currency to the customer's other accounts or digital wallets. Does my company need a money transmitter license?

No.  The transfer of virtual or fiat currency between digital wallets or accounts owned by the same customer does not require a money transmitter license.

My company holds fiat currency in a digital wallet for customers. The fiat currency can be transmitted to third parties at the direction of the owner of the wallet. Does my company need a money transmitter license?

While the transmission of virtual currency is not considered a money transmission activity, the transmission of fiat currency on behalf of a customer to a third party does create a licensing requirement.

My company has coin kiosks in North Dakota which are used to exchange fiat currency into virtual currency. Does my company need a money transmitter license?

No.  The operation of a coin kiosk or fiat currency machine to purchase virtual currency in and of itself does not create the need for a money transmitter license.

My company engages in foreign currency exchange. Does my company need a money transmitter license?

No. North Dakota's money transmitter rule does not apply to foreign currency exchange.  If your company also engages in any type of transmission as part of this activity, that activity would trigger the need for a license.  For example, activities that would trigger a license include peer-to-peer or business-to-business transmissions.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.

Does North Dakota regulate the content of a website (URL) address? Please note this is not referring to the contents of the website. If so, what are the general requirements for URL addresses?

Generally, the Department does not regulate or restrict website (URL) names or addresses.  The one exception is if the address includes the words "bank", "credit union", "trust" or any variation of those terms which could inaccurately represent or imply the website belongs to one of these entities.

If the legal name of a company is not included in the website (URL) address, is the website required to be registered as a DBA?

No.

If the legal name of a company is not included in the website (URL) address, should the website be listed in the company’s NMLS profile?

Yes, the correct contact information should be listed in NMLS.

If the legal name of a company is not included in the website (URL) address, should the website be registered with the Secretary of State (or like agency)?

At this time, there are no registration requirements for website (URL) addresses with the Secretary of State.

If the legal name of a company is not included in the website (URL) address, should the website be a subset of the company’s primary website (URL) address? (example wwwcompanyname/JohnDoecompany.com)

This is a business decision that is not regulated by the Department of Financial Institutions.

Mortgage Loan Originators (MLOs)

What is a residential mortgage loan for purposes of North Dakota law?

A residential mortgage loan is defined by NDCC 13-10-02 (12) as "...any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(v) of the Truth in Lending Act, or residential real estate upon which is constructed or intended to be constructed such a dwelling."

What is a Mortgage Loan Originator (MLO) and do they need to be licensed in North Dakota?

North Dakota Century Code (NDCC) Section 13-10-02 (6) defines a Mortgage Loan Originator to include any "...individual who for compensation or gain or in the expectation of compensation or gain:  (1) takes a residential mortgage loan application; or (2) offers or negotiates terms of a residential mortgage loan."  The statute also defines a list of activities not included with the meaning of the term.    Unless specifically exempted from licensing, a person requires a license if he/she engages in the business of an MLO with respect to any dwelling located in North Dakota.

How can I determine if a specific MLO is licensed in North Dakota?

The Department participates in the NMLS, as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ("SAFE Act").  Title V of this Act required each state to enact minimum standards regarding the supervision of mortgage entities.  The NMLS is a multi-state licensing system that allows companies and individuals to apply for and manager their licenses with the each state through a secure and centralized website.  Through the NMLS consumer access portal, any person can determine which state(s) a company and/or individual are licensed to conduct lending activities.  The consumer access portal's website is:  http://www.nmlsconsumeraccess.org.

Who is exempt from licensure as an MLO?

NDCC 13-10-02 (6) provides limited exceptions from the definition of Mortgage Loan Originator, including:  an individual engaged solely as a loan processor or underwriter, a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with North Dakota law, or a person or entity solely involved in extension of credit related to timeshare plans.  However, it should be noted that there are only limited circumstances in which these parties are exempt, and any party seeking to fall under one of these exemptions should review the full text of the exemptions found under 13-10-02 (6).

How do I become licensed as an MLO in North Dakota?

All MLO licenses are obtained by first completing an application through the Nationwide Multistate Licensing System (NMLS) Resource Center:   https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.

What are the fees associated with obtaining an MLO license in North Dakota?

North Dakota license fees include a $25 initial application fee and a $50 annual license fee, which is required at each subsequent renewal.  In addition, licensees will be responsible for NMLS charges, including processing fees, criminal background check fees, and credit report check fees.

Approximately how long does it take to process a new MLO license application in North Dakota?

Our average processing time is 1 to 14 days, depending on the timeliness and completeness of applicant responses to requests for information.

How often do I need to renew my MLO license in North Dakota?

All licenses issued by the Department are annual in nature and need to be renewed for each calendar year.  The renewal period begins November 1st and closes on December 31st of each year.

Where do I complete my education and testing requirements to become a licensed MLO?

All education and testing requirements are submitted and processed through the NMLS Resource Center:  https://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=ND.

What happens when a sponsorship withdrawal is submitted for an MLO?

If the MLO is active and the sponsorship is removed, the MLO will be moved to an "Approved-Inactive" status.  The license can still be renewed and will be kept in the "Approved-Inactive" status provided continuing education requirements are met.  However, an MLO is unable to conduct business while in the "Approved-Inactive" status. 

In this circumstance, it is the MLO's responsibility to find another sponsor.  If another sponsor cannot be obtained, the alternative is for that MLO to obtain a license as a money broker, who will then sponsor his/her MLO license.

Can an MLO be sponsored by more than one money broker in North Dakota?

No, each MLO can only be sponsored by one North Dakota-licensed money broker.

Who should I contact to address concerns relating to my NMLS account?

For concerns relating to the NLMS system, including your company and individual records, contact the NMLS Call Center at (855) 665-7123.  For specific questions relating to North Dakota licensing regulations, feel free to contact our Department.