North Dakota payday loan laws

Legal Status:  Legal

Citation:  N.D. Cent. Code 13-08-01 et seq.

Loan Terms:

Maximum Loan Amount: $500
Loan Term: Max: 60 days
Maximum Finance Rate and Fees: 20% + databasing fee
Finance Charge for 14-day $100 loan: $20
APR for 14-day $100 loan: 520%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified ($600 aggregate loans outstanding to all licensees)
Rollovers Permitted: One (renewal fee not to exceed 20% of amount being renewed)
Cooling-off Period: 3 days
Repayment Plan:

Collection Limits:

Collection Fees: $20 NSF fee (if disclosed)
Criminal Action: Prohibited (Unless account was closed on date of original transaction)

Where to Complain, Get Information:
Regulator: North Dakota Department of Financial Institutions
Address: 2000 Schafer Street, Suite G Bismarck ND 58501
Phone: (701) 328-9933 
Fax: (701) 328-0290

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