North Dakota Statutes
§ 13-12-15 — Advance fees prohibited - Exception
A residential mortgage lender may not take any type of fee in advance before the funding of
the loan, unless the residential mortgage lender is licensed under this chapter. A residential
mortgage lender licensed under this chapter may accept an advance expense deposit which
may not exceed the residential mortgage lender's good-faith estimate of the actual cost of any
appraisal or credit reports performed by an independent appraiser or independent credit
reporting agency and required by the originating lender for the evaluation of the potential
borrower's loan application. Any expense deposit that exceeds the actual cost of any appraisal
or credit report must be promptly refunded to the borrower or credited to the borrower's account
at the time of the loan closing. A residential mortgage le
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