The state of North Dakota has amended sections of the North Dakota Century Code relating to money brokers, collection agencies, money transmitters, and mortgage loan originators. Notably, the modifications create an exemption from the mortgage loan originator licensing requirement for the following two types of individuals: (1) employees of a federal, state, or local government agency or housing finance agency, and (2) employees of a bona fide nonprofit organization. The amendment also clarifies the term “money transmission” to expressly exclude payment processing activities conducted for a merchant under an agency relationship.
The amendments vary from effective immediately to effective on August 1, 2015. The provisions related to the mortgage loan originator licensing exemptions are effective immediately.
