North Dakota Code 13-07-03 – Consumer credit counseling service – Surety bond or other security
Current as of: 2023 | Check for updates
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A consumer credit counseling service entering an agreement with a debtor who resides in this state shall file with the attorney general a surety bond or other security in an amount equal to the largest sum accrued in the service’s trust account during the prior year, or five thousand dollars, whichever is greater. The bond or other security must be payable to the state of North Dakota and must be acceptable to the attorney general for the use and benefit of debtors making payments to a consumer credit counseling service and suffering damages caused by the consumer credit counseling service.
Terms Used In North Dakota Code 13-07-03
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- 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
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- year: means twelve consecutive months. See North Dakota Code 1-01-33