This bill proposes significant amendments to the North Dakota Century Code, primarily consolidating the roles of the insurance commissioner and the securities commissioner into a single position known as the "securities insurance commissioner." It deletes references to the "office of the securities commissioner" and introduces provisions that empower the commissioner to share information with federal and state regulatory bodies. The bill also outlines the responsibilities of the commissioner in administering securities laws, establishes special funds for investor education and technology, and clarifies the authority to impose civil penalties for violations of securities laws.

Additionally, the bill modifies the legal representation of state agencies by replacing the term "securities commissioner" with "securities insurance commissioner" in various sections, thereby clarifying the commissioner's title and responsibilities. It specifies that certain state entities, including the agriculture commissioner, may employ attorneys for representation, while removing the securities commissioner from this list. The bill also mandates the transfer of the securities department's appropriation into the insurance department's appropriation for the upcoming biennium, reflecting a shift in resource allocation and management related to securities and insurance oversight. Overall, the bill aims to streamline regulatory functions and enhance investor protection within the state.

Statutes affected:
INTRODUCED: 6-01-07.1, 10-04-03, 10-04-16, 10-04-16.1, 26.1-06-12, 43-10.1-01, 43-23.1-05, 51-19-02, 51-23-02, 51-23-15, 54-12-08, 54-59-22.1, 57-38.5-01, 57-38.6-01