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," replacing them with "insurance commissioner" and "insurance department." The bill establishes new provisions for the administration of the chapter, including the creation of an investor education and technology fund, which will be managed by the commissioner to support public education related to financial services and technology needs of the department. It also outlines the commissioner’s authority to issue orders, impose civil penalties, and seek injunctions against violations of the securities laws, while clarifying the commissioner’s duties.

Additionally, the bill mandates that specific state agencies, including the Office of Administrative Hearings and the Office of the Governor, obtain centralized desktop support services from the information technology department, while removing the Securities Department from this requirement. The definition of "qualified business" is refined to clarify the criteria for businesses seeking recognition as primary sector businesses, including compliance with securities laws and the requirement for a majority of employees to be North Dakota residents. The bill also includes provisions for 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, with an effective date set for July 1, 2025, and declared as an emergency measure.

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