ND SB2103

Creates new section 13-04.1-09.3 establishing maximum finance charges for loans at 36% annual rate including all fees, with additional restrictions for loans under $2,000 capped at a 36-month term with no balloon payments.

Limits nonpayment or late payment charges to 5% of payment amount or $20 per incident for loans of $50,000 or less, and caps refinance fees and loan extension charges at $100 per calendar year for small loans under $2,000.

Expands exemptions from licensing requirements to include certified development corporations and nonprofit corporations offering community development or home ownership loans with favorable terms (interest at or below Wall Street Journal prime rate and fees less than 0.25% of loan origination balance).

Amends deferred presentment service transaction procedures to allow borrowers in financial hardship to enter voluntary workout agreements with repayment terms up to 12 months without additional fees or interest.

Repeals section 13-04.1-09.2 and establishes willful violations as a class A misdemeanor penalty.