North Dakota § 13-12-01 - Definitions
Full text of North Dakota North Dakota Century Code § 13-12-01 — Definitions, with citation guidance and answers to common questions.
§ 13-12-01. Definitions
As used in this chapter, unless the context or subject matter otherwise requires: 1. "Borrower" means an individual who seeks out, or is solicited by a residential mortgage lender for the purpose of residential mortgage lending. 2. "Commissioner" means the commissioner of the department of financial institutions. 3. "Net branch" means an office at which a licensed residential mortgage lender allows a separate person that does not hold a valid North Dakota residential mortgage lender license to originate loans under the license of the residential mortgage lender. 4. "Net branch arrangement" means an arrangement under which a licensed residential mortgage lender enters an agreement whereby its designated branch manager has the appearance of ownership of the licensee by, among other things, sharing in the profits or losses; establishing, leasing, or renting the branch premises; entering other contractual relationships with vendors such as for telephones, utilities, and advertising; having control of a corporate checkbook; or exercising control of personnel through the power to hire or fire such individuals. A person may be considered to be utilizing a net branch if the net branch agreement requires the branch manager to indemnify the licensee for damages from any apparent, express, or implied agency representation by or through the branch's actions or if the agreement requires the branch manager to issue a personal check to cover operating expenses whether or not funds are available from an operating account of the licensee. 5. "Precomputed loan" means a loan that is expressed as a sum comprising the principal and the amount of the loan finance charge computed in advance. 6. "Residential mortgage lender" means a person that, in the ordinary course of business, engages in residential mortgage lending. 7. "Residential mortgage lending" means the act of arranging or providing residential mortgage loans as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide residential mortgage loans for a person. 8. "Residential mortgage loan" means residential mortgage loan as defined in subsection 12 of section 13-10-02. 9. "Residential real estate" means residential real estate as defined in subsection 13 of section 13-10-02.
Frequently Asked Questions About North Dakota § 13-12-01
What does North Dakota Century Code § 13-12-01 cover?
Section 13-12-01 ("Definitions") is part of the North Dakota Century Code, the codified statutory law of North Dakota. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite North Dakota § 13-12-01?
A common citation format is "North Dakota Century Code § 13-12-01" (North Dakota). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 13-12-01 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in North Dakota.