North Dakota § 13-13-08 - Financial condition for applicant or licensee not subject to section 13-13-07
Full text of North Dakota North Dakota Century Code § 13-13-08 — Financial condition for applicant or licensee not subject to section 13-13-07, with citation guidance and answers to common questions.
§ 13-13-08. Financial condition for applicant or licensee not subject to section 13-13-07
1. An applicant or licensee not subject to section 13-13-07 which is operating as an approved servicer by one or more government-sponsored enterprises must maintain liquidity to include operating reserves, and tangible net worth that meet the standards set by the entity. If approved by more than one entity, the applicant or licensee must meet the highest standard of the entities for which they are approved. Applicants or licensees with a combined portfolio are subject to this standard. 2. An applicant or licensee with a portfolio of loans not subject to any governmentsponsored enterprises requirements must maintain liquidity to include operating reserves of 0.00035 times the unpaid principal balance of the portfolio and maintain a minimum tangible net worth as set forth in paragraph a of this subsection or, in lieu of the tangible net worth, maintain a one million dollar surety bond. a. Minimum tangible net worth, based on nationwide portfolio: 0-199 loans $100,000 200-299 loans $200,000 300-399 loans $300,000 400-499 loans $400,000 500-599 loans $500,000 600-699 loans $600,000 700-799 loans $700,000 800-899 loans $800,000 900-999 loans $900,000 1,000 plus loans $1,000,000 b. An applicant or licensee servicing North Dakota residential mortgage accounts may apply to the commissioner to waive or adjust one or more of these capital or liquidity requirements. In considering such a request, the commissioner will consider the number and types of loans being serviced and whether the licensee has a positive net worth and adequate operating reserves. For purposes of this section, "operating reserves" are funds set aside in anticipation of future payments or obligations and are included in liquidity. c. Licensees subject to this section must annually or more frequently report, as prescribed by the commissioner, on liquidity, including operating reserves, and tangible net worth.
Source: official North Dakota text · Last verified 2026-08-27
Frequently Asked Questions About North Dakota § 13-13-08
What does North Dakota Century Code § 13-13-08 cover?
Section 13-13-08 ("Financial condition for applicant or licensee not subject to section 13-13-07") 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 § 13-13-08?
A common citation format is "North Dakota Century Code § 13-13-08" (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 § 13-13-08 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.