N.D. Admin. Code 13-06-01-01
As used in this chapter:
1. "Annual percentage rate" means a measure of the cost of credit, expressed as a yearly rate, as calculated under the Truth in Lending Act [ 15 U.S.C. 1601 ].
2. "Closed transaction" or "close" means a completed deferred presentment service transaction that has been closed on the database.
3. "Close of business" means the time of day that a provider closes its office to the public for the calendar day.
4. "Database" means the statewide transactional database administered by the department pursuant to North Dakota Century Code chapter 13-08.
5. "Database vendor" means the vendor contracted with the department for the purpose of developing and administering the daily operations of the database.
6. "Date of the transaction" means the date on which the written agreement is signed and the funds are advanced.
7. "Deferred presentment service provider" means an entity often referred to as a payday loan, payday advance, or deferred deposit loan provider.
8. "Department" means the North Dakota department of financial institutions.
9. "Financial responsibility" means a financial condition, at a minimum, that is a positive net worth as disclosed in the most recent financial statement.
10. "Generally accepted accounting practices" means procedures adopted by the American institute of certified public accountants and federal accounting standards boards.
11. "Maturity date" means the date agreed upon by a licensee and customer to present a check for final payment. "Maturity date" may also be referred to as date of negotiation, date of presentment, or presenting a check for payment.
12. "Open transaction" or "open" means a deferred presentment service transaction which has been registered and recorded but not completed on the database.
13. "Principal shareholders" means any shareholders which control directly or indirectly the power to vote twenty-five percent or more of the voting shares of the corporation.
14. "Recorded" means the database has assigned a transaction authorization number to a registered transaction, logged it as an open transaction, and communicated the transaction authorization number to the deferred presentment provider.
15. "Registered" means that a deferred presentment provider has provided to the database the information required to identify a valid deferred presentment transaction.
16. "Transaction" means a deferred presentment service transaction.
17. "Unencumbered assets" means any assets when a market value can be readily determined and which are not pledged or held under a security interest.
N.D. Admin Code 13-06-01-01
General Authority: NDCC 13-08-10
Law Implemented: NDCC 13-08-01