1.    The commissioner of financial institutions may issue upon a current or former money broker officer or employee and upon the licensee involved an order stating:

Terms Used In North Dakota Code 13-04.1-08.1

  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Fiduciary: A trustee, executor, or administrator.
  • following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
  • Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
  • Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
  • Rule: includes regulation. See North Dakota Code 1-01-49
  • 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
  • written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37

a.    That the current or former officer or employee is engaging or has engaged in any of the following conduct:

(1) Violating a law, rule, order, or written agreement with the commissioner.

(2) Engaging in harassment or abuse, the making of false or misleading representations, or engaging in unfair practices involving lending activity.

(3) Performing an act of commission or omission or practice which is a breach of trust or a breach of fiduciary duty.

b.    The term of the suspension or removal from employment and participation within the conduct or the affairs of a financial corporation, financial institution, credit union, or any other entity licensed by the department of financial institutions.

2.    The order must contain a notice of opportunity for hearing pursuant to chapter 28-32.

3.    If a hearing is not requested within twenty days of the date the order is served, the order shall be final. If a hearing is held and the commissioner finds that the record so warrants, the commissioner may enter a final order. The final order shall be final suspending or removing the current or former employee. The current or former officer     or employee may request a termination of the final order after a period of no less than three years.

4.    A contested or default suspension or removal order is effective immediately upon issuance on the current or former officer or employee and upon the licensee. A consent order is effective as agreed. Any current or former officer or employee suspended or removed from employment and participation within the conduct or the affairs of a money broker pursuant to this section is not eligible, while under suspension or removal, to be employed or otherwise participate in the affairs of any financial corporation, financial institution, credit union, or any other entity licensed by the department of financial institutions.

5.    When any current or former officer or employee, or other person participating in the conduct of the affairs of a licensee is charged with a felony in state or federal court which involves dishonesty or breach of trust, the commissioner may immediately suspend the person from office or prohibit the person from further participation in the affairs of the money broker, or both. The order is effective immediately upon issuance of the order on the licensee and the person charged and remains in effect until the criminal charge is finally disposed of or until modified by the commissioner. If a judgment of conviction, federal pretrial diversion, conviction or agreement to plea to lesser charges, or similar state order or judgment is entered, the commissioner may order that the suspension or prohibition be made permanent. A finding of not guilty or other disposition of the charge does not preclude the commissioner from pursuing administrative or civil remedies.

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