BANKING AND FINANCIAL INSTITUTIONS
[Authorized: NDCC Chapter 6-01]
An 1879 law required banks operating in the territory to register with the Territorial Secretary and publish financial statements and reports in county newspapers (S. L. 1879, Ch. 4). This requirement was repealed in 1881. Regulation of the banking industry began with the Office of the Public Examiner created in 1887 (S. L. 1887, Ch. 124). The Public Examiner was required to examine banks, insurance, savings annuity, safe deposit, loan, and trust companies in the territory. The Public Examiner was later required to examine counties (1890). The 1893 Legislative Assembly approved a measure creating the title of State Examiner in place of Public Examiner to examine state governmental and institutional accounts. In 1901 building and loan associations were added to the State Examiner’s duties. The State Banking Board was created in 1905 (S. L. 1905, Ch. 165) with responsibility for controlling and regulating the banking industry in North Dakota. The State Banking Board consisted of the Governor, Secretary of State, Attorney General, and the State Examiner serving as ex-officio Secretary. The Department of Banking, created in 1911, was under the direction of the State Banking Board and the State Examiner was head of the agency (S. L. 1911, Ch. 55). The State Examiner assumed additional duties over the years including regulation of investment companies (1913 to 1923).
Depositors’ Guaranty Fund Commission
The Depositor's Guaranty Fund Commission was created in 1917 (S. L. 1917, Ch. 126) and consisted of the Governor, State Examiner, and three members appointed by the Governor for three-year terms. In 1923 the membership of the Depositor's Guaranty Fund Commission was changed to include the Governor, the manager of the Bank of North Dakota, and three gubernatorial appointees serving three-year terms. The purpose of the Depositor's Guaranty Fund Commission was to administer the Depositor's Guaranty Fund and to review applications from banks interested in participating in the program. The object of the Depositor's Guaranty Fund was to encourage savings by insuring bank deposits and to entice out-of-state investors to deposit funds in North Dakota banks. In 1921, the Depositor's Guaranty Fund Commission was given authority to supervise liquidation of insolvent banks and in 1923 was allowed to administer insolvent banks. The Depositor's Guaranty Fund was inadequate because it required participating banks to pay only one twentieth of one percent of its deposits into the Fund. The Fund was therefore unable to guarantee deposits that were lost due to the collapse of a large number of banks in North Dakota during the 1920s. The Depositor's Guaranty Fund was repealed in 1929 (S. L. 1929, Ch. 122). The public often misunderstood the actual functions and scope of responsibility of the Depositor's Guaranty Fund. Many believed the Depositor's Guaranty Fund could and would provide full compensation in the event savings deposits were lost due to a bank failure. This of course was not the case since the Depositor's Guaranty Fund was not designed to handle the catastrophic number of bank failures through the 1920s. Over 300 banks closed from the time of passage of the Depositor's Guaranty Fund Act in 1917 until it was repealed in 1929. An initiated constitutional amendment requiring the state to cover the approximately $25 million worth of deposits lost by insolvent banks was disapproved by voters on November 6, 1928. The law repealing the Depositor's Guaranty Fund was referred and approved by voters on June 25, 1930.
In 1935 legislation related to the authority of baking institutions regarding the issuing, selling, and regulating of capital notes, debentures, and preferred stock. Additionally the banking institutions were to prescribe, define, and regulate the manner, terms, conditions, limitations, and restrictions “under and upon which the same could be issued or sold”. A banking institution was defined to mean any bank, trust company, bank and trust company, stock savings bank, or mutual savings bank organized under the laws of the state (S. L. 1935, Ch. 92). Other legislation concerned capital stocks of banks (S. L. 1935 Ch. 93) and promoted federal loans under the National Housing Act (S. L. 1935, Ch. 94). Additionally legislation related to authorizing US Postal Savings Deposits and the Federal Deposit Insurance Corporation under the provision of the “Banking Act of 1933” (S. L. 1935, Ch. 95). The Legislature authorized building and loan associations to insure members’ investments in the Federal Savings and Loan Insurance Corporation and to provide for the conversion of building and loan associations and other home financing organizations into federal savings and loan associations (S. L. 1935, Ch. 96). Credit union legislation under the direction of a supervisory committee was also created (S. L. 1935, Ch. 108).
In 1943 the State Banking Board membership was changed in to consist of the State Examiner and two gubernatorial appointees serving five-year terms. The State Examiner was given control over the credit unions within the state and was a member of the newly created State Credit Union Board [NDCC 6-01-03]. The responsibility of the State Examiner expanded to include regulating and supervising credit unions and managing and controlling the records of the State Department of Banking, State Banking Board, the State Credit Union Board, and statewide credit unions (S. L. 1945 , Ch. 143). Additional legislation related to loans and investments of banks, building and loan associations, insurance companies, and organizations in the state that were authorized to make mortgage loans and whose mortgage lending was regulated by law and insured or guaranteed in whole or part by the United States (S. L. 1945, Ch. 144). In 1947 the Legislature required the State Examiner to verify the records of the Bank of North Dakota (S. L. 1947, Ch. 109). In 1949 the records of city officials and governments were to be examined annually by the State Examiner (S. L. 1949, Ch. 103). Legislation in 1953 required the State Examiner’s duties to be expanded to include examination of city governments (S. L. 1953, Ch. 95).
Senate Bill No. 181, approved February 25, 1969, authorized the name change of the State Examiner to Commissioner and created the Department of Banking and Financial Institutions with the State Banking Board and the Commissioner appointed by the Governor and confirmed by the Senate (S. L. 1969, Ch. 96). Governed by the State Banking Board the Commissioner of Banking and Financial Institutions was to manage the agency by regulating, examining, and licensing all banks, trust companies, savings and loan associations, mutual savings corporations, credit unions, agents for deposit, small loan companies, consumer finance companies, collection agencies, investment trust companies, and money brokers.
The Bank of North Dakota was no longer included in the same regulation but was still required to be examined by the Department. Additionally the Bank of North Dakota was entitled to examine any state bank, savings and loan association, or credit union in possession of the State Examiner (S. L. 1975, Ch. 66). The State Examiner of the Department of Banking and Financial Institutions was responsible for administering the Consumer Finance Act [NDCC 13-03.01] as it related to consumer credit (S. L. 1975, Ch. 123) and submitted a report annually to the State Banking Board (S. L. 1975, Ch. 466). In 1977 legislation related to the financial institutions under the control of the Department of Banking and Financial Institutions and under the supervision of the State Banking Board. A chief officer known previously as the State Examiner was designated as the “Commissioner” (S. L. 1977, Ch. 64). The Legislature also addressed establishing a State Credit Union Board which consisted of the Commissioner and two members appointed by the Governor from a panel of five names. All had to be residents of the state with at least three years of experience as an officer, director, or committee member of a statewide chartered credit union. The Credit Union League was also involved in the process. The Commissioner served as chairman and was joined by the Attorney General and the Chief Deputy Examiner. Meetings were held in March, June, September, and December (S. L. 1977, Ch. 65).
The 1980s legislation concerned services rendered by bank paying and receiving stations and the authority given to separate drive-in facilities (S. L. 1981, Ch.105). New bank applications and the adoption of rules for interest on deposits were also addressed (S. L. 1981, Ch.106). In 1983 changes were made to membership qualifications for the State Banking Board (S. L. 1983, Ch.109) and new sections were added to the Century Code to include assessments and additional examination of state-chartered banks and state-chartered credit unions (S. L. 1983, Ch.110). Legislation in 1985 related to the definitions of national banks and financial institutions, and qualifications of banks, and to the definition of banks including the term “non-bank” (S. L. 1985, Ch.111). The power of the State Banking Board and the State Credit Union Board to remove officers, directors, and employees of financial corporations or institutions was addressed (S. L. 1985, Ch.113). Legislation also addressed the power of the State Banking Board, the State Credit Union Board, and the Commissioner of the Department of Banking and Financial Institutions relating to the issuance of orders to cease and desist (S. L. 1985, Ch.114).
Changes in the 1990s were made concerning the supervision of state-chartered credit unions by the Department of Banking and Financial Institutions (S. L. 1993, Ch.65). Other legislation concerned policies, self-serving practices, and the administration of fiduciary powers by banking institutions. Added to the Century Code was a new section on the removal of “trust companies” from the definition of a bank to one exercising fiduciary powers (S.L. 1993, Ch.67). The Legislature also made changes concerning the conditions of confirmation by the Governor in the selection of a Commissioner when the Senate was not in session (S. L. 1993, Ch.68). The 1997 legislation saw changes in the maximum interest charged for loans under one thousand dollars and to the financial institutions regulatory fund, and the administration and scope of the Consumer Finance Act. The Legislature also addressed applications and fees of consumer finance licensees, requirements for the issuance of consumer finance licenses, continuing license fees, consumer finance lending limitations, and setting penalties for legal violations (S. L. 1997, Ch.141). Other legislation related to a new subsection for filing a list of bank holding company stockholders and amendments to remove a financial corporation’s or institution’s employees, the confidentiality of bank and credit union reports of examination, and access to examine the Bank of North Dakota (S. L. 1997, Ch.79).
In 2001 the State Department of Banking and Financial Institutions became known as the State Department of Financial Institutions (S. L. 2001, Ch.88). Information-sharing agreements were set up between the Department of Financial Institutions and other state agencies (S. L. 2001, Ch.89). According to the 2003 Blue Book the Department of Financial Institutions executes all laws relating to state banks, trust companies, building and loan associations, mutual investment corporations, mutual savings corporations, banking institutions, and other financial corporations. (This excludes the Bank of North Dakota.) Additionally credit unions organized or doing business under the laws of this state are included in the supervision of the Department. The Commissioner must be a skilled accountant and may not be an incumbent of any other public office, or may not own, hold, or control any stocks, capital, or bonds, or hold the office of trustee, assignee, officer, agent, or employee of any financial institution. Finally any corporation engaged in the business of guarantying or ensuring the fidelity or faithful performance of duties or the solvency of public officers or of public depositories may not be under the Commissioner’s jurisdiction. The Commissioner chairs the State Banking Board [NDCC 6-01-03] and the State Credit Union Board [NDCC 6-01-03].
CHRONOLOGY
1879 Until 1881 the Territorial Secretary exercised marginal supervision over banks in the territory.
1887 Creation of the office of Public Examiner required two public examiners to examine banking, insurance, savings annuity, safe deposit, loan, or trust companies and other moneyed corporations in order to ascertain their financial condition (T. L. 1887, Ch. 124).
1890 The Public Examiner was given authority to examine and audit books and other papers of North Dakota counties (S. L. 1890, Ch. 116).
1893 The Public Examiner renamed the State Examiner was to audit and examine state departmental accounts, state institutional accounts, county records, and banks and financial institutions (S. L. 1893, Ch. 95).
1901 Legislation clarified the duties of the State Examiner and the duties relating to the examination of banks (S. L. 1901, Ch. 170). Savings and loan associations were also included in legislation (S. L. 1901, Ch. 46).
1905 The State Banking Board [NDCC 6-01-03] was established (S. L. 1905, Ch. 165).
1911 Creation of the Department of Banking under the control of the State Banking Board had responsibility for executing the laws relating to state banks, trust companies, building and loan associations, and other moneyed corporations within the six state-wide districts (S. L. 1911, Ch.55).
1913 Until 1923 the State Examiner had authority to regulate and supervise investment companies and corporations (S. L. 1913, Ch. 109) when the Securities Commission took over the duties.
1917 The Depositor's Guaranty Fund Commission (S. L. 1917, Ch. 126) existed until 1929 and legislation allowed the state to be divided into eight districts and permitted more deputy examiners to be hired (S. L. 1917, Ch. 219).
1919 The State Examiner was appointed to the State Auditing Board and served from 1919 until 1965.
1921 The Depositor's Guaranty Fund Commission was given authority to supervise liquidation of insolvent banks.
1923 The Depositor’s Guaranty Fund Commission was allowed to administer insolvent banks.
1927 The State Examiner now served four-year terms (S. L. 1927, Ch.260).
1928 An initiated constitutional amendment requiring the state to cover the approximately $25 million worth of deposits lost by insolvent banks was disapproved by voters on November 6, 1928.
1929 The Depositor's Guaranty Fund was repealed in 1929 (S. L. 1929, Ch. 122).
1930 The law repealing the Depositor's Guaranty Fund was referred and approved by voters on June 25, 1930.
1931 The Legislature required the State Examiner to “exercise constant supervision over the affairs of all financial corporations within the state”. Legislation also created the State Banking Board and the Department of Banking, and required the State Examiner to appoint no more than thirteen deputies and to establish six districts across the state. There was a repeal of legislation from the Compiled Laws of North Dakota of 1913 and chapters from Session Laws dating from 1919, 1923, 1925, 1927, and 1929 (S. L. 1931, Ch. 96). An amendment was made to the organization, government, and operation of annuity, safe deposit, surety, and trust companies (S. L. 1931, Ch. 93). The Legislature was also requested to provide regulation of building and loan associations within the state and for the organization and operation of the associations (S. L. 1931, Ch. 94).
1933 The Bank of North Dakota was not under the supervision of the Department of Banking. Legislation also repealed sections of the 1931 Session Laws as it related to the Banking Department, a State Banking Board, a State Examiner (and deputies), and the organization and operation of state banks and the government and regulation of banking. Legislation addressed the duties of the State Examiner relating to examination requests by the commissioners from any county within the state (S. L. 1933, Ch. 71). Legislative acts concerned the administration of insolvent banking institutions (S. L. 1933, Ch. 72).
1935 The banking institutions were to prescribe, define, and regulate the manner, terms, conditions, limitations, and restrictions “under and upon which the same may be issued or sold”. A banking institution was defined to mean any bank, trust company, bank and trust company, stock savings bank, or mutual savings bank organized under the laws of the state (S. L. 1935, Ch. 92). Other legislation concerned capital stocks of banks (S. L. 1935 Ch. 93) and promoted federal loans under the National Housing Act (S. L. 1935, Ch. 94). Additionally legislation related to authorizing US Postal Savings Deposits and the Federal Deposit Insurance Corporation under the provision of the “Banking Act of 1933” (S. L. 1935, Ch. 95). The Legislature authorized building and loan associations to insure members’ investments through the Federal Savings and Loan Insurance Corporation and to provide for the conversion of building and loan associations and other home financing organizations into federal savings and loan associations (S. L. 1935, Ch. 96). A supervisory committee was created to direct the credit union legislation (S. L. 1935, Ch. 108).
1937 Legislation allowed the State Examiner to license and conduct examinations of credit unions under the supervision of the State Banking Board (S. L. 1937, Ch. 114) and for paying and receiving stations to be established (S. L. 1937, Ch. 93). Other legislation related to the administration of insolvent banks (S. L. 1937, Ch. 94).
1943 Legislation related to the regulatory duties of the State Banking Association (S. L. 1943, Ch. 88).
1945 The State Examiner was given control over the credit unions within the state and was a member of the newly created State Credit Union Board [NDCC 6-01-03]. The State Examiner had responsibility for regulating and supervising credit unions and for managing and controlling the records of the State Department of Banking, State Banking Board, and the State Credit Union Board, and any credit unions within the state (S. L. 1945 , Ch. 143). Additional legislation related to loans and investments of banks, building and loan associations, insurance companies, and organizations in the state authorized to make mortgage loans and mortgage lending as regulated by law and including partially or entirely insured or guaranteed by the United States (S. L. 1945, Ch. 144).
1947 The Legislature required the State Examiner to verify the records of the Bank of North Dakota (S. L. 1947, Ch.109).
1949 Records of city officials and governments were to be examined annually by the State Examiner (S. L. 1949, Ch. 103).
1953 Legislation related to examination limits on fees for banks (S. L. 1953, Ch. 94) and required the State Examiner’s duties to be expanded to include examination of city governments (S. L. 1953, Ch. 95).
1955 The State Examiner was authorized to supervise the books and financials accounts of several public offices and institutions and of all private institutions with which the state had dealings. Use of a standardized warrant form was recommended (S. L. 1955, Ch. 98).
1963 Legislation related to definitions and compliance with laws for the organization of banks and trust companies (S. L. 1963, Ch. 93).
1965 The State Examiner became a member of the Public Employees Retirement Board.
1967 The State Auditor was given responsibility for examining the offices of cities and counties. Legislation addressed duties of the State Examiner, State Auditor, and State Tax Commissioner (S. L. 1967, Ch. 376).
1969 Legislation created the Department of Banking and Financial Institutions and the office of Commissioner of Banking (known as the State Examiner) was under the supervision of the State Banking Board and charged with the execution of all laws relating to state banks, savings banks, trust companies, building and loan associations, mutual investment corporations, banking institutions, and other financial corporations. Excluded were the Bank of North Dakota and all credit unions (S. L. 1969, Ch. 96). Legislation amended the Century Code [NDCC 6-01-03] relating to the State Banking Board and the State Credit Union Board (S. L. 1969, Ch. 97). The Legislature amended powers concerning the Board of Directors of the Banking Association (S. L. 1969, Ch. 102). Also addressed was the conversion of a state bank to a national bank, the process involving the sale of a bank, or removal of a bank to a new location (S. L. 1969, Ch. 104), and an amendment to the establishment of bank paying and receiving stations (S. L. 1969, Ch. 105).
1971 The State Credit Union Board was authorized to supervise credit unions, reports and examinations (S. L. 1971, Ch. 102).
1975 The Commissioner of the Department of Banking and Financial Institutions was responsible for administering the Consumer Finance Act [NDCC 13-03.01] as it related to consumer credit (S. L. 1975, Ch. 123) and the State Examiner was required to annually submit a report to the State Banking Board (S. L. 1975, Ch. 466). Additionally the Bank of North Dakota was entitled to examine any state bank, savings and loan association, or credit union in possession of the State Examiner (S. L. 1975, Ch. 66).
1977 Legislation gave definition to the terms association, bank, banking, banking department, banking institution, commissioner, credit union, mutual investment corporation, receiving and paying station, and trust company (S. L. 1977, Ch. 64). Additional legislation concerned supervision and examination of state banks by the Commissioner of Banking and Financial Institutions (S. L. 1977, Ch. 66) and legislation requiring state banks to have Federal Deposit Insurance Corporation coverage on deposits, and capital stock surplus. Federal deposit insurance was also a requirement for state banking associations, organization certificates of state banking associations, and certificates of authority of state banking associations (S. L. 1977, Ch. 67).
1979 Legislation addressed the meeting dates and makeup of the State Banking Board (S. L. 1979, Ch. 113), the makeup of the State Credit Union Board (S. L. 1979, Ch. 114), and open meeting legislation [NDCC 44-04-18 and NDCC 44-04-19]. The availability of the records of the Commissioner, State Banking Board, and the State Credit Union Board including any restrictions was also addressed (S. L. 1979, Ch. 115). Other legislation concerned the confidentiality (and exceptions) of the state banking records (S. L. 1979, Ch. 116) and the extended period of time between the visits by a bank examiner to banks (S.L. 1979, Ch. 117). Several changes were made concerning the submission of biennial reports (S. L. 1979, Ch. 118) and to the reports and examinations of institutions insured by the Federal Deposit Insurance Corporation (S. L. 1979, Ch. 122). The Legislature also added the term defining corporate central credit unions and the exemption limitations by North Dakota corporate central credit unions (S. L. 1979, Ch. 135).
1981 Legislation related to services rendered by bank paying and receiving stations and the authority given to separate drive-in facilities (S. L. 1981, Ch. 105) and to new bank applications and the adoption of rules for interest on deposits (S. L. 1981, Ch.106).
1983 Changes were made to membership qualifications for the State Banking Board (S. L. 1983, Ch.109) and new sections were added to the Century Code relating to assessments of state chartered banks and state chartered credit unions for additional examination as well as the fees for trust companies, credit unions, the North Dakota Central Credit Union and the Bank of North Dakota (S. L. 1983, Ch.110).
1985 Legislation in 1985 concerned adding two new subsections to the Century Code relating to the definitions of national banks and financial institutions and qualifications of banks. A “non-bank” was also defined (S. L. 1985, Ch.111). Other legislation related to the power of the State Banking Board and the State Credit Union Board if it became necessary to remove officers, directors, and employees of financial corporations or institutions (S. L. 1985, Ch.113) and the power of the State Banking Board, the State Credit Union Board, and the Commissioner of the Department of Banking and Financial Institutions to issue cease and desist orders (S. L. 1985, Ch.114).
1987 Legislation provided an amendment for the appeal of cease and desist orders served upon financial institutions and corporations (S. L. 1987, Ch.102).
1989 Changes added to the Century Code [NDCC 6-01] concerned assessments and examination fees charged to institutions and associations and to credit unions (S. L. 1989, Ch. 96) and other legislation addressed the assessment of civil money penalties against financial institutions or corporations including state-chartered banks, credit unions, trust companies, and savings and loan associations, or an officer, director, employee, agent, or person participating in the conduct of the affairs of financial institutions or corporations (S. L. 1989, Ch.97). Additional changes concerned the Department of Banking and Financial Institutions records, the report of the examining committee to banks, and the powers of credit unions (S. L. 1989, Ch.98).
1991 Legislation related to bank regulation of the Department of Banking and Financial Institutions records, application fees, transfer of assets on the consolidation or merger of a bank or trust company, bank capital or dividends, and interest on deposits (S. L. 1991, Ch.81).
1993 Changes were made concerning the supervision of state-chartered credit unions by the Department of Banking and Financial Institutions (S. L. 1993, Ch.65) and the definition of paying and receiving activity conducted at separate facilities and paying and receiving stations. Also added were the requirements for publishing a notice for discontinuing a paying and receiving station (S. L. 1993, Ch.66). Other legislation concerned policies, self-serving practices, and the administration of fiduciary powers by banking institutions. There was an addition of a new section to the Century Code concerning the removal of “trust companies” as part of the definition of a bank to one exercising fiduciary powers (S. L. 1993, Ch.67). The Legislature made changes concerning the conditions of confirmation by the Governor for a Commissioner of the Department of Banking and Financial Institutions when the Senate was not in session (S. L. 1993, Ch.68). Unannounced bank examinations and the authority to examine bank holding companies and subsidiaries of banks under the supervision of the Commissioner of the Department of Banking and Financial Institutions were also changed (S. L. 1993, Ch.69).
1995 The Legislature added legislation that related to trust companies including the establishment of multiple offices of a trust company, the engagement in business through operating subsidiaries of a trust company, and the taxation and the definition of trust companies (S. L. 1995, Ch.80). Legislation also included changes in interstate banks and branches of interstate banks (S. L. 1995, Ch.79).
1997 Legislation covered maximum interest charged for loans under one-thousand dollars and the financial institutions regulatory fund and the administration and scope of the Consumer Finance Act, legislation concerning consumer finance licensee requirements and lending limitations. Legal violation penalties were set (S. L. 1997, Ch.141). Other legislation related to a new subsection for filing a list of bank holding company stockholders and amendments relating to removal of a financial corporation’s or institution’s employees, the confidentiality of bank and credit union reports of examination, and access to examine the Bank of North Dakota (S. L. 1997, Ch.79). Additional amendments were made to the Century Code concerning the membership of the State Credit Union Board and the powers and duties of both the State Banking Board and State Credit Union Board (S. L. 1997, Ch.78).
2001 Legislation provided for a name change for the State Department of Banking and Financial Institutions to the State Department of Financial Institutions (S. L. 2001, Ch.88) and information-sharing agreements between the Department of Banking and Financial Institutions and other state agencies (S. L. 2001, Ch.89).
2005 Legislation created a new subsection relating to a fee for application to merge by two or more credit unions and amended other sections of the Century Code concerning the use of phrases “credit union and corporate central credit union”, the issuance of certificates of deposit, reports by credit unions, interest rate determinations, credit union membership, organization, committee meetings, reserve funds, dividends. Credit union compliance with clearinghouse rules and immunity for credit union volunteers was also addressed (S. L. 2005, Ch.86). Legislation related to licensing, reports, and examination of money transmitters and amendments to the financial institutions regulatory fund (S. L. 2005, Ch.128).
2007 Parity of state and national bank powers was part of the 2007 legislation and also an amendment to the Century Code relating to the exclusivity of state regulation of financial institutions and credit unions and the use of bank assets (S. L. 2007, Ch.77). Also addressed was the conversion of a state credit union to a building and loan associations and provision for a Department of Financial Institutions study to be submitted to the Legislative Council (S. L. 2007, Ch.78). Five new subsections were added to the Century Code relating to the legal recognition of electronic records and signatures which included definitions of electronic records (S. L. 2007, Ch.79) and amendments such as information sharing agreements with other entities, the timeframe of examinations of financial institutions, and approval of interstate branches by state banks (S. L. 2007, Ch.80).
2009 Legislation concerned definitions relating to the Department of Financial Institutions (S. L. 2009, Ch.93) and an amendment to remove officers, directors, and employees of financial corporations or institutions (S. L. 2009, Ch.94). An amendment was made to the licensing of residential mortgage brokers and regulation of loans not in excess of one-thousand dollars. Automatic extension of money broker licenses and amendments relating to changes necessitated by the repeal of [NDCC 13-03.01] were addressed. The financial institutions regulatory fund balance, exemptions from licensing requirements under the North Dakota money broker statute, annual license fees, and licensure renewal dates were also addressed (S. L. 2009, Ch.141).
2011 Legislation added a new section to the Century Code relating to the definition of market value. It also amended sections concerning State Credit Union Board members, Board powers, the use of electronic communications for credit union supervision of loans, and credit union mergers (S. L. 2011, Ch. 74). Other legislation concerned capital definitions, bank powers to elect employees, bank powers as to real estate, removal of banks to new locations, and loan limitations. (S. L. 2011, Ch. 76). Other amendments to Code related to the composition of the Credit Review Board members [NDCC 6-09.10-12] and changes in definitions and duties. Other Board information included adding a new section to the Code [NDCC 6-09.10-2.1] by changing the Agricultural Mediation Service to [NDCC 6-09.10-04] North Dakota Mediation Service (S. L. 2011, Ch. 83).
2013 A new subsection defined a financial corporation and authorized lease financing of public facilities by a state-chartered bank. It amended a section of the Code relating to the management and control of entities regulated by the State Department of Financial Institutions, powers and duties of the State Banking Board, and State Credit Union Board. It also concerned authorization and application by a nonresident bank or trust company intending to establish a place of business, branch office, or agency in the State. Other changes relating to banking and financial institutions added responsibility to the Commissioner of the Department when an examination of a trust company disclosed a violation of law (S. L. 2013, Ch.77). Legislation also added a section setting a standard for directors of financial institutions and changing previous laws [NDCC 6-03] concerned with a standard of conduct for directors of financial institutions (S. L. 2013, Ch. 78).
2015 A new section of the Code concerned investigations of bank holding companies and fees for credit union examinations and added definitions related to corrective action for state banks, examination of technology service providers, and investments in state banks (S. L. 2015, Ch. 80).
2017 Legislation provided an appropriation of funds to defray expenses for the State Department of Financial Institutions. During the 2017-2018 interim the Governor conducted a study of the operations for the State Department of Financial Institutions and the Securities Department to determine the feasibility and desirability of combining the agencies into a single department. A report to the Legislative Management regarding the findings and recommendations of the study was to be submitted by July 1, 2018 (S. L. 2017, Ch. 33). An amended subsection of the Century Code related to residency requirements for the State Banking Board of directors and allowing for at least three and no more than twenty-five Board members. Relating to residency requirements of the bank directors at least two-thirds of the members are required to be US citizens (S.. 2017, Ch. 73).
SERIES
30049 Closed Bank Files.
30051 State Bank Reports.
30587 Photographs of Bank Buildings in North Dakota.
30588 Abstracts of Reports of Condition of State Banks.
30589 Index to State Bank Reports, Examinations, Oaths, and Bonds, 1893-1912.
30590 Dividend Register.
30591 State Examiner’s and Auditor’s Ledger.
30592 Journal, 1929-1934.
30593 Depositor’s Guaranty Fund. Record of Bank Contributions to Depositors’ Guaranty Fund.
30594 State Examiner’s Appropriation Ledger.
30595 Record of Bank Examination Reports.
30596 State Banking Board Minutes.
30597 Record of Closed and Reopened Banks.
30598 General Statement of Closed Banks, 1923-1932.
30704 Closed State Bank Deposit Audit Reports.
30915 Administrative Correspondence and News Releases.
30916 Annual Reports of Credit Unions.
30917 State Bank Correspondence.
30918 Small Loans Division Correspondence.
30919 Examination Reports of Closed and Reopened Banks.
30920 Bank Examination Reports.
30921 Bank Corporation Index, 1931-1961.
30923 Stock Transfer Record.
30924 Record of Assets of Closed Banks Received by the State Examiner.
30925 Records of Closed Banks.
30926 Miscellaneous Records.
30927 Depositor’s Guaranty Fund. Correspondence.
30928 Depositor’s Guaranty Fund. Depositor’s Guaranty Fund Commission Minutes.
30929 Depositor’s Guaranty Fund. Claims Register.
30930 Depositor’s Guaranty Fund. Payment Register.
30931 Depositor’s Guaranty Fund. Claims Docket.
30932 Depositor’s Guaranty Fund. Register of Depositors’ Guaranty Fund Depositories.
30933 Depositor’s Guaranty Fund. Abstracts of State Bank Deposits.
30934 Depositors' Guaranty Fund Receipt and Disbursement Record,
30935 Depositor’s Guaranty Fund. Daily Abstracts of Certificates Issued and Dividends Paid.
30936 Depositor’s Guaranty Fund. Record of Bank Examiner’s Expenses.
30937 Depositor’s Guaranty Fund. Register of Dividends Paid to State Bank.
30987 Agent for Deposit Files.
30988 Small Loan Associations Annual Reports.
30989 Closed Collection Agency Files.
31028 Savings and Loan Association Files.
31266 State Credit Union Board Minutes.
31267 Audit Reports.
31268 Credit Union Files.
31269 Money Order Files.
31337 Liquidated and Merged Credit Union Files.
31738 Association Files.
31788 Associations of Savings and Loan Ledger.
31901 Commissioner’s Correspondence.
31902 Corporate Files.
32022 Listing of Current Financial Institutions.
32146 Applications, Reserve Agents for Banks.
32246 Litigation Files.
SOURCES
Gray, David P. Guide to the North Dakota State Archives, 1985.
Laws of Dakota Territory.
Legislative History of North Dakota State Agencies: Richard J. Wolfert State Librarian. State Library Commission, 1978.
North Dakota Century Code.
North Dakota Secretary of State Blue Book.
North Dakota State Legislature Session Laws.
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State Museum and Store: 8 a.m. - 5 p.m. M-F; Sat. & Sun. 10 a.m. - 5 p.m.
We are closed New Year's Day, Easter, Thanksgiving Day, and Christmas Day. We are closed at noon Christmas Eve if it falls on Mon.-Thurs. and are closed all day if it falls on Fri.-Sun.
State Archives: 8 a.m. - 4:30 p.m. M-F, except state holidays; 2nd Sat. of each month, 10 a.m. - 4:30 p.m. Appointments are recommended. To schedule an appointment, please contact us at 701.328.2091 or archives@nd.gov.
State Historical Society offices: 8 a.m. - 5 p.m. M-F, except state holidays.
Contact Us:
phone: 701.328.2666
email: history@nd.gov
Social Media:
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