WeVote
Log In

Bill

Bill

HB 1127

Agriculture; Oklahoma Agriculture Act of 2025; effective date.

2025 Regular Session Introduced by Jim Grego

Establishes a statewide financial institution data security program and expands DFI licensing and enforcement powers to oversee cybersecurity for banks and other regulated entities.

Second Reading referred to Rules
0
WeVote Research Nonpartisan
Bill Summary · HB 1127

Summary — HB 1127 (North Dakota)

Title: An Act to create and enact chapter 13‑01.2 of the North Dakota Century Code, relating to the financial institution data security program; and to amend and reenact various sections of the NDCC relating to the Department of Financial Institutions, financial institutions, licensing, enforcement, and exemptions.

Main purpose and intent

HB 1127 establishes a statutory framework for a statewide financial institution data security program and updates numerous supervisory, licensing, and enforcement provisions administered by the Department of Financial Institutions (DFI). The bill is presented at the request of the Department of Financial Institutions.

Key provisions and changes

  • Creates and enacts a new chapter 13‑01.2 (the “financial institution data security program”). (Full chapter text is part of the bill; details in the bill text establish the program.)

  • Amends and reenacts multiple existing statutes to align DFI authority and licensing requirements with the new program and to update enforcement and administrative procedures. Specific ND Century Code sections amended include:

    • 6‑01‑04.1 (removal/suspension of officers, directors, employees of financial entities)
    • 6‑01‑04.2 (cease and desist orders)
    • Subsection 7 of 6‑03‑02
    • 13‑04.1‑01.1 and 13‑04.1‑11.1
    • 13‑05‑07.1
    • 13‑08‑10 and 13‑08‑11.1
    • 13‑09.1‑14 and subsection 3 of 13‑09.1‑17
    • 13‑09.1‑38 and 13‑10‑05
    • Subsection 1 of 13‑11‑10
    • 13‑12‑19
    • Subsections 6, 21, 22 of 13‑13‑01
    • 13‑13‑04 and 13‑13‑18

  • The statutory edits touch on: department investigatory powers and responses to requests, license renewal and issuance processes, grounds and procedures for license revocation, emergency and permanent suspension/removal of officers or employees, orders to cease and desist, and enumerated exemptions from licensing regimes.

Who is affected

  • All entities and persons regulated by the North Dakota Department of Financial Institutions, including banks, savings institutions, credit unions, trust companies, and other licensed financial service providers.
  • Officers, directors, employees, license applicants and holders subject to DFI oversight and enforcement.
  • The Department of Financial Institutions (administration, enforcement, rulemaking and oversight responsibilities).

Procedural / timeline notes

  • Introduced: November 12, 2024.
  • Sponsor: Representative Nakamura; companion bill noted as SB 1446.
  • Filed with Secretary of State: April 11 (filed date per provided status).
  • The bill text went through committee consideration at the request of the Department of Financial Institutions (Industry, Business and Labor Committee). (Multiple engrossed versions and committee amendments were prepared during the legislative process as shown in bill files.)

Potential impact

  • Implements a statutory cybersecurity and data‑security program specific to financial institutions and integrates that program into DFI’s existing licensing and enforcement framework.
  • Expands or clarifies DFI’s administrative and enforcement authorities (including suspension, revocation, and cease‑and‑desist processes) to support oversight of data security standards and incidents.
  • Affects compliance obligations for regulated financial institutions; may require updates to internal security, breach‑response, reporting, and licensing procedures.

For the bill’s full statutory language — including the complete text of new chapter 13‑01.2 and the specific amendments to each cited section — consult the enrolled/engrossed bill documents on the North Dakota Legislature website or the Department of Financial Institutions’ bill packet.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.