North Dakota Code 13-10-08 – Standards for license renewal
Current as of: 2023 | Check for updates
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1. The minimum standards for license renewal for mortgage loan originators include the following:
Terms Used In North Dakota Code 13-10-08
- 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
- 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
a. The mortgage loan originator continues to meet the minimum standards for license issuance under section 13-10-05.
b. The mortgage loan originator has satisfied the annual continuing education requirements described in section 13-10-09.
c. The mortgage loan originator has paid all required fees for renewal of the license.
2. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.