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HB 1319

AN ACT to create and enact a new section to chapter 21-10 of the North Dakota Century Code, relating to a legacy fund disclosure website.

69th Legislative Assembly (2025-26) Introduced by Cole Conley and 2 co-sponsors

The bill requires the State Investment Board to publicly disclose detailed Legacy Fund investments online, including names, country/region, and amounts, subject to legal limits.

Filed with Secretary Of State 04/11
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Bill Summary · HB 1319

Summary — HB 1319 (North Dakota)

AN ACT to create and enact a new section to chapter 21‑10 of the North Dakota Century Code, relating to a legacy fund disclosure website

Main purpose

Require the State Investment Board to maintain a publicly accessible website disclosing detailed information about all investments of the state’s Legacy Fund, increasing transparency about where Legacy Fund dollars are invested.

Key provisions

  • State Investment Board duty: The board must maintain a publicly accessible website containing information regarding all Legacy Fund investments.
  • Required disclosures for each investment (subject to state and federal law):
    • Name of the company, fund, derivative, or other financial mechanism;
    • Country of incorporation, or if none, the county of the principal manager; and
    • Amount of Legacy Fund money invested in the named company, fund, derivative, or financial mechanism.
  • Compliance clause: The website must list investments “in accordance with state and federal laws,” allowing for legal limits on disclosure (e.g., confidentiality, securities laws, contractual protections).
  • Funding/implementation: The State Retirement and Investment Office (SRIO) may spend monies necessary to develop and maintain the website, but only within the limits of legislative appropriations.

Who is affected

  • State Investment Board: new operational responsibility to create and keep the disclosure website up to date.
  • State Retirement and Investment Office: administrative responsibility and potential budgetary responsibility for developing/maintaining the site (subject to appropriations).
  • Investment counterparties and managers: names and investment amounts may be published (unless restricted by law), increasing public visibility of relationships.
  • General public, legislators, stakeholders and media: gain public access to detailed Legacy Fund investment information.

Potential impacts and considerations

  • Transparency: Enhances public disclosure about the composition and size of Legacy Fund investments, aiding oversight and public accountability.
  • Administrative costs: Development and ongoing maintenance will require staff time and funds; these costs must be covered through legislative appropriations to SRIO.
  • Legal/commercial limits: The bill conditions disclosure on state and federal law, which may restrict publishing certain information (trade secrets, contractually protected terms, or other confidential data). Investment managers or counterparties may raise concerns about commercially sensitive disclosures.
  • Investment operations: The disclosure requirement could prompt additional contract or legal reviews of investment agreements to address confidentiality and disclosure obligations.

Procedural / timeline notes

  • Introduced for the Sixty‑ninth Legislative Assembly by Representatives Satrom and Ostlie and Senator Conley.
  • Committee action: Finance and Taxation Committee adopted proposed amendments (committee report dated Feb. 5, 2025).
  • Implementation depends on appropriations: SRIO may expend funds for the website only within amounts the Legislature provides.

If you want, I can:
- Draft a one‑page explainer for legislators or the public;
- Identify likely legal/confidentiality exemptions that could limit disclosure; or
- Outline technical/spec requirements and cost drivers for building the disclosure website.

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

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