Finance
A North Dakota FSBO (For Sale By Owner) seller who wants to offer seller financing must:
AObtain a mortgage broker license
BComply with the Dodd-Frank Act's seller financing provisions, which may limit the number of seller-financed transactions per year for non-professionals✓ Correct
CRegister with NDREC as a lender
DGet approval from the North Dakota Banking Commissioner
Explanation
Dodd-Frank Act provisions on seller financing limit the number and terms of seller-financed transactions for non-professional sellers. Sellers who exceed these limits or whose loans don't meet qualified mortgage standards may need to comply with additional lending regulations.
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