A recently passed bill in North Dakota increases the amount of the surety bond required by money brokers and collection agencies in the state. The bill also increases the license renewal fee for money transmitters in the state.
Here’s an overview of the amendments introduced by the bill to the North Dakota Century Code.
North Dakota Senate Bill 2093
At the request of the state Department of Financial Institutions, Senate Bill 2093 makes several amendments to sections of Title 13 “Debtor and Creditor Relationship” of the North Dakota Century Code. The changes introduced by the bill are as follows:
- Applicants for a money broker license in the state will need to post a $50,000 bond when applying, instead of the previously required $25,000 bond
- Applicants for a collection agency license, too, will need to post a $50,000 bond, instead of the previously required $25,000 bond
- Money transmitter license renewal applicants will now need to pay a renewal fee which must be equal to greater of either $500 or 1/4 of 1% of their money transmission volume in the state for the twelve months ending June 30. The maximum amount of the renewal fee cannot be higher than $2,500.
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