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CU System
ND Gov Signs Late Fee Bill, Rural Home Appraisals Bill Passes
BISMARCK, N.D. (3/28/13)--Two bills--including a victory for credit unions--have progressed in the North Dakota legislature, says the Credit Union Association of the Dakotas.

Gov. Jack Dalrymple last week signed into law Senate Bill 2136, which will allow financial institutions to impose a late charge payment penalty if the amount of the late charge or method of calculation have been agreed to by the parties in the loan documents signed by the borrower, said CUAD (The Memo March 27).

The Financial Service Coalition, made up of credit unions, banks, independent community banks and farm credit services in the state, supported and advocated passage of the bill. "Financial institutions have not had the ability to negotiate or revise these terms since 1991," said CUAD.

Another bill, House Bill 1225, which would speed up the appraisal processes for rural homes, was passed by the House and Senate and awaits signature on the governor's desk. The bill, if approved, will make home sales prices public. That will aid real estate appraisers in gaining access to comparable sales prices in rural areas, and eliminate hurdles and delays in tracking down that information, said CUAD. The State's Tax Assessor Association also favored making the information public, it said.

To date, 29 bills of interest to North Dakota credit unions are still being debated in the legislature. Credit unions have appeared and testified at 18 hearings so far, said CUAD.


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