NORTH DAKOTA AMENDS MONEY BROKERS ACT TO IMPOSE 36% LIMIT

On April 16, 2021, the North Dakota Governor signed a bill that amends the North Dakota Money Brokers Act to limit the annual interest rate that licensees may charge to 36%. The bill clarifies that all charged fees necessary for the extension of credit incurred at the time of origination are to be included in the 36% finance charge. The bill also adds late payment fee restrictions and additional restrictions that apply to loans in amounts of $2,000 or less. Read More