News
Thursday, April 25, 2024 at 02:35 pm
Categories: NewsBISMARCK, N.D. – Gov. Doug Burgum was joined by leaders of 11 state agencies on April 2, 2024, to kick off Financial Literacy Month in North Dakota and share a new resource available to all North Dakotans, SmartwithMyMoney.nd.gov, to improve financial literacy.
Friday, March 22, 2024 at 10:00 am
Categories: News, OrderWednesday, February 21, 2024 at 08:00 am
Categories: OrderOlympic Financial Group, Inc. d/b/a OFG, Inc. entered into a consent order with the Department of Financial Institutions where upon Olympic agrees to involuntarily surrender its North Dakota money transmitter license to fully resolve the ongoing administrative proceeding. Please find the Consent Order here.
Wednesday, November 15, 2023 at 11:00 pm
Categories: Prohibition OrdersThe Commissioner of the Department of Financial Institutions has issued an Order suspending Kirniece Najimov, a former employee of Wyoming Financial Lenders, doing business as Payday Express, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order
Wednesday, November 15, 2023 at 11:00 pm
Categories: Prohibition OrdersThe Commissioner of the Department of Financial Institutions has issued an Order suspending Heather Hofstrand, a former employee of Wyoming Financial Lenders, doing business as Payday Express, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order
Tuesday, October 17, 2023 at 10:00 am
Categories: NewsState Regulators Settle with ACI Payments, Inc. for Unauthorized Transactions from
Mr. Cooper Customer Accounts
State regulators and state attorneys general levy combined fines of $20 million for data misuse impacting 480,000 consumers nationwide
Bismarck North Dakota—The North Dakota Department of Financial Institutions and 43 other state agencies have reached settlements with ACI Payments, Inc., for erroneously initiating electronic transactions totaling $2.3 billion from the accounts of 480,000 mortgage-holders serviced by Mr. Cooper (formerly known as Nationstar Mortgage, LLC). State regulators levied $10 million in fines through a multistate enforcement action led by regulators from Arkansas, Connecticut, Maryland and Texas with support from the Conference of State Bank Supervisors. Additionally, 50 state attorneys general, including North Dakota Attorney General Drew Wrigley, on behalf of North Dakota, participated in a matching settlement, which also levied $10 million in fines to ACI, in coordination with state regulators. <more>
A copy of the Order can be found here: Order
Monday, July 24, 2023 at 03:00 pm
The Commissioner of the Department of Financial Institutions has issued an Order suspending Tamra Counts, a former employee of Citizens Community Credit Union, Devils Lake, North Dakota, from employment or otherwise participating in the affairs of any financial corporation, financial institution, credit union, or other entity licensed by the North Dakota Department of Financial Institutions. The party listed in this Order has been provided the opportunity to request a hearing pursuant to law. A copy of the order can be found here: Order
Monday, June 26, 2023
On March 15, 2023, the North Dakota governor signed Senate Bill 2119 to enact the Money Transmission Modernization Act, the money transmitter model law created by industry and state experts. Senate Bill 2119 is an act to create and enact chapter 13-09.1 of the North Dakota Century Code, relating to money transmitters; to amend and reenact subsection 1 of section 6-01-01.1 of the North Dakota Century Code, relating to money transmitters; and to repeal chapter 13-09 of the North Dakota Century Code, relating to money transmitters. Provisions under the Act are intended to (i) reduce regulatory burden by promoting coordination among the states in areas of regulation, licensing, and supervision; (ii) protect the public from financial crime; (iii) standardize activities that are subject to, or otherwise exempt from, licensure; and (iv) modernize safety and soundness requirements to protect customer funds while supporting innovative and competitive business practices. See full letter
Monday, June 5, 2023
New Residential Mortgage Lender License and Branch Registration
Senate Bill 2090 creates and enacts North Dakota Century Code (NDCC) Chapter 13-12, relating to licensure of Residential Mortgage Lenders. Beginning August 1, 2023, Residential Mortgage Lenders will no longer be regulated under the North Dakota Money Brokers Act and will be required to hold and maintain a Residential Mortgage Lender license under the new Chapter (NDCC 13-12). Click here for more information: Residential Mortgage Lender License and Branch Registration Letter