The proposed amendments to Senate Bill No. aim to revise several sections of the North Dakota Century Code concerning the budget approval process and reporting requirements for the Department of Financial Institutions. Key changes include the establishment of a continuing appropriation for the financial institutions regulatory fund, which will allow the department to utilize funds without the need for annual legislative appropriations. Additionally, the bill mandates that the state banking board and state credit union board hold joint meetings to approve the department's budget, ensuring that a majority of members from both boards are present for quorum and decision-making.

Furthermore, the bill introduces a requirement for the commissioner of financial institutions to present a report to the legislative assembly's appropriations committees during each regular session. This report will summarize the department's activities, revenues, and expenditures for the current and prior biennium. The bill also specifies that the salaries of the commissioner and deputies will be determined within the budget approved by the boards, rather than being solely dependent on legislative appropriations. The act is set to expire on June 30, 2029, after which it will no longer be effective.

Statutes affected:
INTRODUCED: 6-01-01.1, 6-01-04, 6-01-10, 6-01-11, 6-01-16
Adopted by the House Industry, Business and Labor Committee: 6-01-01.1, 6-01-04, 6-01-10, 6-01-11, 6-01-16
PREFILED: 6-01-01.1, 6-01-04, 6-01-10, 6-01-11, 6-01-16