Page:2021 North Dakota Session Laws.pdf/425

Debtor and Creditor Relationships DEBTOR AND CREDITOR RELATIONSHIPS

CHAPTER 112

SENATE BILL NO. 2103

(Industry, Business and Labor Committee)

(At the request of the Department of Financial Institutions)

AN ACT to create and enact section 13-04.1-09.3 of the North Dakota Century Code, relating to money broker charges; to amend and reenact sections 13-04.1-02.1, 13-05-02.3, and 13-08-12 of the North Dakota Century Code, relating to money broker exemptions, collection agency exemptions, and deferred presentment service transaction procedures; to repeal section 13-04.1-09.2 of the North Dakota Century Code, relating to money broker charges; and to provide a penalty.

BE IT ENACTED BY THE LEGISLATIVE ASSEMBLY OF NORTH DAKOTA:

SECTION 1. AMENDMENT. Section 13-04.1-02.1 of the North Dakota Century Code is amended and reenacted as follows:

13-04.1-02.1. Entities exempted from licensing requirements.

This chapter does not apply to:

1. Banks;

2. Credit unions;

3. Savings and loan associations;

4. Insurance companies;

5. Individuals licensed under chapter 13-10;

6. State or federal agencies and their employees of state or federal agencies solely pursuant to the individual's official duties as an employee of the state or federal agency;

7. Institutions chartered by the farm credit administration;

8. Trust companies;

9. Any other person or business regulated and licensed to lend money by the state of North Dakota;

10. A real estate broker, broker, or a real estate salesperson as defined in section 43-23-06.1 in the brokering of loans to assist a person in obtaining financing