North Dakota passed a bill enacting the Residential Mortgage Lenders Act (RMLA). Under the bill, a person may not engage in the business of residential mortgage lending without a license, unless exempt. The bill also establishes residential mortgage lender and broker requirements with respect to licensing, financial condition (surety bond and net worth), prohibited acts and practices, and recordkeeping and retention. In addition, the bill adds an exemption to the Money Broker Act for residential mortgage lenders licensed under the RMLA. The bill generally went into effect August 1, 2023. However, residential mortgage lenders and brokers holding a valid money brokers license as of August 1, 2023 are not required to obtain a license under the RMLA until December 31, 2023.
Click to view the North Dakota Senate Bill 2090: https://www.tenaco.com/wp-content/uploads/2023/08/ND-SB-2090-08-01-23.pdf
