North Dakota Private Lending Restrictions?

[Amy Raye Rogers]

I met a private mortgage broker through the forums that told me North Dakota is very restrictive.  Is this the case??  How do I research private lenders that are approved to work in my state?

[Jay Hinrichs]

Originally posted by @Ned Carey:

I would be talking to other investors in your local investment club or network. Also talk to title companies that do a lot of business with investors. 

from what i understand ND is one of 12 states that requires a state MLO license and NMLS registration for any loan that is on a 1 to 4 unit regardless if its owner occ or not.. How we all get around this in the industry is the rest of the states if its a commerical purpose loan no license required.. I have a state license and NMLS in Oregon were its required  same with CA  you can lend money there legally with those license or a RE brokers license which I have one of those.  NV you need the license I believe MN and maybe SD you do as well and Maybe AZ and AL  But you can google it..  and if all else fails simply call the state division that controls real estate lending and ask them..  Internet is a bad place to try to find out about license requirements and trust them..  WA does not require it and I have seen quite a few WA lenders not realize they needed a license and get in trouble in OR.