Loan production office application.

13-02-15-05. Loan production office application. A loan production office may not be established, or operated, by a state-chartered bank until after the bank has submitted a written application to the commissioner or board and received a certificate of authority to operate such office. The application must describe with regard to the loan production office the following: 1. The location. 2. A general description of the area where located, e.g., shopping center, supermarket, department store, etc. 3. The proposed activity for the location. 4. Whether the location will be staffed, and if so, the nature of employee compensation, whether an employee of the bank or a fee and commission basis. 5. Description as to the types of loans to be solicited. 6. Any other information the commissioner determines necessary. 2 History: Effective May 1, 1993. General Authority: NDCC 6-01-04, 6-03-02 Law Implemented: NDCC 6-03-38