Payday loan laws in North Dakota
Status: Legal (N.D. Cent. Code 13-08-01 et seq.)
For Lenders
Lending specifications:
- Maximum loan amount: $500
- Loan tenure: Maximum 60 days
- Fees and finance charges: 20% + database fees
- Finance charge on a 14-day $100 loan: $20
- APR on 14-day $100 loan: 520%
Collection restrictions:
- Collection fees: $20 NSF fee (only if disclosed)
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: Not Specified
- Rollovers allowed: One
- Cooling-off phase: 72 hours
Complaint cell:
- Regulator: Department of Financial Institutions (North Dakota)
- Address: 2000 Schafer Street, Suite G Bismarck; ND 58501-1204
- Phone: (701) 328-9935
- Fax: (701) 328-0290
- Regulatory contact: Aaron Webb, Assistant Commissioner
- Website: https://www.nd.gov/dfi/
- File complaint: https://www.nd.gov/dfi/
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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