The bill amends various sections of the North Dakota Century Code to transfer the responsibilities of the securities commissioner to the insurance commissioner. Key changes include the deletion of references to the "office of the securities commissioner" and the "state securities department," which are replaced with "securities insurance commissioner" and "insurance department." The amendments clarify the duties and powers of the commissioner, including administering oaths, adopting rules, and managing special funds for investor education and technology. A special fund for investor education and technology is established, detailing its funding sources and intended purposes. The bill also modifies procedures for issuing orders and injunctions related to securities law violations, allowing the commissioner to impose civil penalties and seek injunctions without requiring a bond.

Additionally, the bill removes the Securities Department from the list of state agencies required to obtain centralized desktop support services from the information technology department and clarifies the definition of "qualified business" to include compliance with securities laws and a majority of employees being North Dakota residents. It mandates the transfer of appropriated amounts and full-time equivalent positions from the Securities Department to the Insurance Commissioner for the biennium beginning July 1, 2025, and ending June 30, 2027. The bill is set to take effect on July 1, 2025, and is declared an emergency measure, emphasizing its immediate necessity for implementation.

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
Prepared by the Legislative Council staff for House Appropriations Committee: 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
Enrollment: 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