N.D. Cent. Code § 51-17.1-01 Currency exchange - Penalty
51-17.1-01. Currency exchange - Penalty
1. A nonbanking institution may engage in the business of a currency exchange if:
a. The institution does not contract with another person to manage the currency
exchange business; however, this does not prohibit the business from employing
individuals to operate a currency exchange business;
b. The institution displays in a prominent manner on the premises of the business
the fees charged to exchange currency;
c. The maximum fees charged to exchange currency are limited to any direct cost of
verification fees and:
(1) The greater of five percent of the face amount or five dollars, for cashing a
draft, personal check, payroll check, traveler's check, or money order; and
(2) The greater of three percent of the face amount or five dollars, for cashing a
state public assistance check or a federal social security check;
d. The institution does not accept money or currency for deposit or act as bailee or
agent of persons to hold money or currency in escrow for others for any purpose;
and
e. The institution does not exchange currency on the premises of a charitable
gaming site.
2. For purposes of this section, "currency exchange" means cashing a check, draft,
money order, or traveler's check or issuing a money order or traveler's check as an
agent for another, for a fee. The term does not include providing these services
incidental to a primary business if there is not a charge for cashing a check or draft.
3. This section does not authorize a business to make any type of loan, including a
deferred presentment service transaction, payday loan, cash advance, payday cash
advance, or motor vehicle title loan.
4. A nonbanking institution may not accept a postdated check in a currency exchange
transaction.
5. A person violating this section is guilty of a class B misdemeanor.