North Dakota § 13-10-13 - Surety bond and minimum net worth requirements - Surety bond required
Full text of North Dakota North Dakota Century Code § 13-10-13 — Surety bond and minimum net worth requirements - Surety bond required, with citation guidance and answers to common questions.
§ 13-10-13. Surety bond and minimum net worth requirements - Surety bond required
1. Each mortgage loan originator must be covered by a surety bond in accordance with this section. If the mortgage loan originator is an employee or exclusive agent of a person subject to this chapter, the surety bond of such person subject to this chapter may be used in lieu of the mortgage loan originator's surety bond requirement. a. The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection 2. b. The surety bond must be in a form as prescribed by the commissioner. c. The commissioner may promulgate rules or regulations with respect to the requirements for such surety bonds as are necessary to accomplish the purposes of this chapter. 2. 3. 4. The licensee shall maintain a surety bond in the amount as determined by the commissioner by rule. The amount must be reflective of the dollar amount of loans originated as of the previous yearend. However, the commissioner may increase the amount of the surety bond if the commissioner determines that such an increase is necessary to protect the public interests. When an action is commenced on a licensee's bond, the commissioner may require the filing of a new bond. Immediately upon recovery upon any action on the bond, the licensee shall file a new bond.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 13-10-13
What does North Dakota Century Code § 13-10-13 cover?
Section 13-10-13 ("Surety bond and minimum net worth requirements - Surety bond required") 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 § 13-10-13?
A common citation format is "North Dakota Century Code § 13-10-13" (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 § 13-10-13 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.