This form is a Credit Agreement. A bank agrees to extend a line of credit to the borrower and the borrower agrees to execute a promissory note for the loan. The borrower also grants the bank a security interest in the premium finance notes listed in the agreement.
North Dakota Credit Agreement
Category:
State:
Multi-State
Control #:
US-00482
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Credit Agreement?
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FAQ
In the legal code of the United States, a money transmitter or money transfer service is a business entity that provides money transfer services or payment instruments.
The act, among other things, provides that a ?person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person is licensed under this chapter.? The provision does not apply to a ?person that is an authorized delegate of a person ...
"Money brokering" means the act of arranging or providing loans or leases as a form of financing, or advertising or soliciting either in print, by letter, in person, or otherwise, the right to find lenders or provide loans or leases for persons or businesses desirous of obtaining funds for any purposes.
The legal lending limit for banks varies by bank charter and by state. For a North Dakota-chartered state bank, the total liability of a single borrower may not exceed 25 percent of the bank's Tier 1 Capital as reported in the most recent Call Report.
FindLaw Newsletters Stay up-to-date with how the law affects your life Legal Maximum Rate of Interest6% (§47-14-05); if contract in writing, up to 5.5% higher than average interest on treasury bills, but maximum must be at least 7% (§47-14-09)Interest Rates on JudgmentsContract rate, otherwise 12% (§28-20-34)2 more rows
?North Dakota's gift card law applies only to gift cards and gift certificates purchased for use at a specific retail store or service. These gift cards and certificates must be valid for at least six years from the purchase date and maintenance fees cannot be deducted from the value of the gift.
A money transmitter is a service that transfers money for businesses. In the United States, they are a category within a larger group of Money Service Businesses, also known as MSBs. Any business that issues money orders, traveler's checks, or other types of monetary value can be classified as an MSB.
Regulatory oversight Money transmitters are subject to specific regulations and oversight, often requiring registration with regulatory authorities such as FinCEN or state-level agencies. They must comply with AML and KYC regulations to prevent illicit activities.
