N.D. Admin. Code 13-05-01-02
Current through Supplement No. 394, October, 2024
Before a money broker performs any services for a potential borrower, the money broker and the borrower shall enter into a written contract specifying the duties and conditions under which the money broker shall perform the broker's services. The contract must fully disclose estimated commissions and fees, must have a definite expiration date, and must indicate costs to be paid if the loan is not closed. A provision must be made designating the timing of fee payments (i.e., on commitment, on closing, on funding).
N.D. Admin Code 13-05-01-02
General Authority: NDCC 13-04.1-01
Law Implemented: NDCC 13-04.1-06