Contracts to be in writing

Before a money broker performs any services for a potential borrower, the money broker and the borrower shall enter into a written contract specifying the duties and conditions under which the money broker shall perform the broker's services. The contract must fully disclose estimated commissions and fees, must have a definite expiration date, and must indicate costs to be paid if the loan is not closed. A provision must be made designating the timing of fee payments (i.e., on commitment, on closing, on funding). History: Effective February 1, 1984.

General Authority: NDCC 13-04.1-01 Law Implemented: NDCC 13-04.1-06