# ND Insurance Department Bulletin 5 (1970): Participation in Mortgage Loans

> North Dakota · Agency guidance · In force

URL: https://www.frixlaw.com/law-library/statutes/ND_INS_B_1970-005

## Section

- **Citation:** ND Insurance Department Bulletin 5 (1970)
- **Heading:** Participation in Mortgage Loans
- **Jurisdiction:** North Dakota
- **Kind:** Agency guidance
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** North Dakota Insurance Department Bulletins and Commissioner Directives / Participation in Mortgage Loans

## Text

# Bulletin No. 5

# PARTICIPATION IN MORTGAGE LOANS

July 31, 1970

It has recently been brought to my attention that several of our domiciled insurance companies are now participating in so-called "Participating Mortgage Loans" as defined under Section 26-08-11 (3), North Dakota Century Code.

Since each of the several companies has used a different approach in negotiating said loans, I have adopted certain requirements in order that future loans will be made in an orderly and unified manner.

Effective as of this date the following requirements will apply:

1. The company's participation shall be evidenced by a recordable instrument in the form of an assignment of interest.
2. The promissory note shall be assigned on the note itself.
3. The interest of the company must at all times be named in the insurance policy or policies covering the mortgaged property.
4. The company shall have in its possession the original or authentic copy of the assignment, promissory note, mortgage deed, appraisal, policy of casualty insurance, abstract of title and an attorney's opinion of title (or a policy of title insurance) and the loan application.
5. Examiners of the department shall at all times have access to the records and accounting pertinent to said mortgage loan at the business office of the participant or participants, if other than the company.

J. O. WIGEN

Commissioner of Insurance

## Nearby sections

- [ND Insurance Department Bulletin 1 (1969) Certificate of Insurance](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1969-001.md)
- [ND Insurance Department Bulletin 1 (1975) Suspension of Insurance - Seasonal Vehicles](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1975-001.md)
- [ND Insurance Department Bulletin 2 (1969) Licensing of Agents](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1969-002.md)
- [ND Insurance Department Bulletin 2 (1975) Non-renewal and Cancellation Law - Named Driver Exclusion](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1975-002.md)
- [ND Insurance Department Bulletin 3 (1969) Bulletin 3](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1969-003.md)
- [ND Insurance Department Bulletin 4 (1970) Workmens' Compensation Exclusions in Health Insurance Policies and Contracts](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1970-004.md)
- [ND Insurance Department Bulletin 5 (1970) Participation in Mortgage Loans](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1970-005.md)
- [ND Insurance Department Bulletin 6 (1970) Replacement of Life Insurance and Annuities](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1970-006.md)
- [ND Insurance Department Bulletin 10 (1971) Transfer from One Carrier to Another of Group Coverage of Accident, Health, or Accident and Health Insurance](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1971-010.md)
- [ND Insurance Department Bulletin 11 (1972) Distribution of Information on Availability of Flood Insurance](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1972-011.md)
- [ND Insurance Department Bulletin 12 (1972) Rules Applicable to Advertising of Accident and Sickness Insurance](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1972-012.md)
- [ND Insurance Department Bulletin 13 (1973) Crop-hail Insurance Guidelines](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1973-013.md)
- [ND Insurance Department Bulletin 13a (1973) Crop-hail Insurance Guidelines (Amending Bulletin 13)](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1973-013A.md)
- [ND Insurance Department Bulletin 14 (1973) Unclaimed Funds](https://www.frixlaw.com/law-library/statutes/ND_INS_B_1973-014.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/ND_INS_B_1970-005. Check the current official text before relying on it. Not legal advice.