Regulator Details

North Dakota Department of Financial Institutions

2000 Schafer Street, Suite G
Bismarck, ND 58501
Phone: (701) 328-9933
Fax: (701) 328-0290
Contact: Aaron Webb, Assistant Commissioner

North Dakota Payday Loan Laws

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North Dakota Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding North Dakota payday loan laws contact the North Dakota Department of Financial Institutions.

Payday loans are legal in North Dakota (see North Dakota Payday Loans or North Dakota Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) 20% + databasing fee
Term Limitations Max: 60 days
General Loan Terms

In North Dakota, one rollover is permitted (renewal fee not to exceed 20% of amount being renewed). The cooling period between loans is 3 days. North Dakota has no requirements for extended repayment plans.

For example, in North Dakota the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $20
APR 520%
Sample Loan Terms

North Dakota also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees $20 NSF fee (if disclosed)
Criminal Action Prohibited (Unless account was closed on date of original transaction)
Regulations on Collections
Finally, a more detailed excerpt from North Dakota's statutes on finance charges is listed below. In general the tables above summarize this.

Interest calculated in compliance with 15 U.S.C. 1606, and not exceeding an annual percentage rate greater than 28 percent.

Citation: N.D. Cent. Code 13-08-01 et seq. and 2011 Chapter 107.