North Dakota has modified the surety bond requirements under the Money Brokers Act. Presently, the law requires a surety bond in an amount not less than $25,000. N.D. Cent. Code Section 13-04.1-04.01(1). Effective August 1, 2019, the new minimum amount of the bond will be $50,000.
Nebraska Amends Licensing and Record Retention Requirements
Nebraska has amended its licensing requirements under the Residential Mortgage Licensing Act effective September 7, 2019. They include:
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Requiring a criminal background investigation via the NMLS for any principal officer, partner, member or sole proprietor , and any individual acting in the capacity of the manager of an office location in connection with a mortgage banker's license application;
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Temporary authority provisions effective November 24, 2019, for registered mortgage loan originators and licensed mortgage loan originators licensed in another state employed by a mortgage banker licensed in Nebraska; and
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Limiting an inactive mortgage loan originator license to one renewal while in inactive status unless certain conditions are met;
In addition, the legislation extends record retention requirements for mortgage bankers from three years after the date the residential mortgage loan is funded or the loan application is denied or withdrawn to five years after the after the date the residential mortgage loan is funded or the loan application is denied or withdrawn.
