# Title 6 — Banks and Banking

## Chapter 6-10 — Agents for Deposits

### § 6-10-01. License required to act as agent for deposits.

No person, partnership, association, corporation, or limited liability company, except as
otherwise authorized by law, may engage in the business of receiving, as agent for another,
moneys for the purpose of deposit in a bank, without first having applied to the commissioner
and received a license so to do.
### § 6-10-02. License fee - Bond.

Such applicant shall pay to the commissioner an annual fee of twenty-five dollars, and shall
furnish a bond to the state of North Dakota, executed by a corporate surety company authorized
to do business in this state, in the sum of not less than five thousand dollars. Such bond from
time to time may be increased by the commissioner whenever, in the commissioner's judgment,
the business of said licensee warrants.
### § 6-10-03. Limit on license.

No license may be granted for the purpose of conducting such business in any city wherein
there already is operating a state or national bank or an authorized separate facility. In the event
that a national or state bank or an authorized separate facility is authorized to do, and does
commence doing business in any city where a license has been granted to operate a business
under this section, such license may not thereafter be renewed.
### § 6-10-04. Agent must deposit funds as directed.

A licensee operating a business under the terms of this chapter may not loan any of the
moneys given into the licensee's custody by any depositor for deposit in a bank, but shall
promptly transfer said funds to the bank designated by the depositor, and each depositor has
the right to designate the bank in which the depositor desires such moneys deposited.
### § 6-10-05. Rules and regulations.

The commissioner is authorized to prescribe such rules and regulations for the operating of
such business as in the commissioner's judgment, from time to time, may be necessary for the
protection of the depositors dealing with such licensee, and has the power to require
compliance therewith.
### § 6-10-06. Duty of commissioner.

The commissioner may make an examination of the business of such licensee, and such
applicant shall pay an examination fee. Fees for such examinations must be charged by the
department of financial institutions at an hourly rate to be set by the commissioner, sufficient to
cover all reasonable expenses of the department associated with the examinations provided for
by this section. Fees must be paid to the state treasurer and deposited in the financial
institutions regulatory fund.
### § 6-10-07. Revocation of license.

In the event of the failure of any person, partnership, association, corporation, or limited
liability company to comply with the provisions of this chapter or the regulations promulgated by
the commissioner as herein provided, the commissioner, after fifteen days' notice in writing, may
revoke such license. Such applicant, upon demand in writing served upon the commissioner,
within ten days after the receipt of such notice as above provided, is entitled to a hearing with
respect to such violation. The notice of revocation must specify the violations of law or
regulations which constitute the grounds for such charges against such licensee.
### § 6-10-08. Penalty.

Any person violating the provisions of this chapter is guilty of a class A misdemeanor.
