North Dakota passed a bill enacting the Residential Mortgage Loan Servicers Act. Under the bill, a person may not engage in the business of residential mortgage loan servicing without a license, unless exempt. The bill also establishes residential mortgage loan servicer requirements with respect to licensing, financial condition (surety bond and net worth), reporting, prohibited acts and practices, and recordkeeping and retention. The bill went into effect August 1, 2023.
Click to view the North Dakota House Bill 1068: https://www.tenaco.com/wp-content/uploads/2023/08/ND-HB-1068-04-13-23.pdf
