North Dakota Cash Advance Laws & Regulations
North Dakota residents can obtain quick and easy payday loans for up to $500. These loans are regulated by the North Dakota Department of Financial Institutions and do require all lenders to be licensed in order to provide loans in the state.
Here are some specific North Dakota regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
60 days - Maximum Finance Charges and Fees
Interest rate cap at 20%, $20 per $100 borrowed for finance charges - Maximum Loan Amount
$500 - Number of Rollovers
None - Outstanding Loans Allowed at Once
N/A - Cool-Off Period
3 days between loans
- Payment Plan
N/A - Collection Fees
$20 NSF fee - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
References:
North Dakota Statute 13-08-01 et seq.
North Dakota Department of Financial Institutions
2000 Schafer Street, Suite G
Bismarck, ND 58501
Phone: (701) 328-9933
Fax: (701) 328-9955
Web: http://www.bank.state.al.us
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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