This bill proposes the creation of Chapter 13-01.2 of the North Dakota Century Code, establishing a financial institution data security program aimed at enhancing the protection of customer information. It introduces new provisions for the permanent suspension of individuals convicted of dishonesty or breach of trust, modifies the process for cease and desist orders, and emphasizes the responsibilities of financial institutions in maintaining data security. Key definitions relevant to the financial sector are included, such as "authorized user," "consumer," and "customer relationship," which clarify the scope of individuals and entities covered under the new program.

Additionally, the bill mandates the establishment of a comprehensive information security program for financial corporations, requiring the designation of a "qualified individual" to oversee the program and implement safeguards tailored to the corporation's size and complexity. It outlines specific elements that must be included in the program, such as risk assessments, access controls, and incident response plans. The legislation also amends various sections of the North Dakota Century Code to enhance regulatory measures for mortgage loan originators and debt-settlement providers, streamlining the licensing process and ensuring that only qualified individuals operate within the financial services sector.

Statutes affected:
PREFILED: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18
Adopted by the House Industry, Business and Labor Committee: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18
FIRST ENGROSSMENT: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18
Adopted by the Senate Industry and Business Committee: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18
Enrollment: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18
INTRODUCED: 6-01-04.1, 6-01-04.2, 6-03-02, 13-04.1-01.1, 13-04.1-11.1, 13-05-07.1, 13-08-10, 13-08-11.1, 13-09.1-14, 13-09.1-17, 13-09.1-38, 13-10-05, 13-11-10, 13-12-19, 13-13-04, 13-13-18