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ARTICLE · 13 JUNE 2025

North Dakota Broadens Licensing Law To Include Alternative Financing

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North Dakota recently enacted legislation that amends the state's main non-mortgage lender licensing law, the North Dakota Money Brokers Act (the "Act"), to define a "loan" to include any...

United StatesFinance and Banking
Kristie D. Kully
Kristie D. Kully
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North Dakota recently enacted legislation that amends the state's main non-mortgage lender licensing law, the North Dakota Money Brokers Act (the "Act"), to define a "loan" to include any "alternative financing product" that is identified by the state's Department of Financial Institutions (the "DFI"). The amendment (House Bill 1127) becomes effective August 1, 2025, although the timing and content of a future DFI order to designate one or more financial products as an "alternative financing product" subject to the law is uncertain. What seems more clear is that the amendment could broadly expand the scope of the state's Money Broker Act beyond typical lending activities.

The North Dakota Money Brokers Act has historically served as the state's primary statute for licensing loan brokers and lenders and regulating consumer- and commercial-purpose loans. While the state enacted legislation in 2023 to separately license residential mortgage lending and servicing

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