North Dakota Enacts HB 1127 Overhauling Fintech Rules

p37ppppFind Your Next Job ppOn April 11 North Dakota enacted HB 1127 overhauling its regulatory framework for financial institutions and nonbank financial service providers The law amends multiple chapters of the North Dakota Century Code and creates a new data security mandate for financial corporationsa category that includes nondepository entities regulated by the Department of Financial Institutions DFI It also expands the licensing requirement for brokers to include alternative financing products potentially impacting a broad array of fintech providersppThe law introduces sweeping data protection obligations for nonbank financial corporations through new requirements created in Chapter 13012 Specifically covered entities mustppThe bill also amends North Dakotas broker licensing laws to authorize the DFI to classify certain alternative financing arrangements as loansppPutting It Into Practice Of the many amendments here North Dakotas expansion of licensing requirements for brokers of alternative financing products may have the biggest impact for institutions especially fintechsppMore Upcoming Eventspp ppSign Up for any or all of our 25 Newsletterspp ppYou are responsible for reading understanding and agreeing to the National Law Reviews NLRs and the National Law Forum LLCs  Terms of Use and Privacy Policy before using the National Law Review website The National Law Review is a freetouse nologin database of legal and business articles The content and links on wwwNatLawReviewcom are intended for general information purposes only Any legal analysis legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice No attorneyclient or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms attorneys or other professionals or organizations who include content on the National Law Review website If you require legal or professional advice kindly contact an attorney or other suitable professional advisor  ppSome states have laws and ethical rules regarding solicitation and advertisement practices by attorneys andor other professionals The National Law Review is not a law firm nor is wwwNatLawReviewcom  intended to be a referral service for attorneys andor other professionals The NLR does not wish nor does it intend to solicit the business of anyone or to refer anyone to an attorney or other professional  NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us ppUnder certain state laws the following statements may be required on this website and we have included them in order to be in full compliance with these rules The choice of a lawyer or other professional is an important decision and should not be based solely upon advertisements Attorney Advertising Notice Prior results do not guarantee a similar outcome Statement in compliance with Texas Rules of Professional Conduct Unless otherwise noted attorneys are not certified by the Texas Board of Legal Specialization nor can NLR attest to the accuracy of any notation of Legal Specialization or other Professional CredentialsppThe National Law Review National Law Forum LLC 2070 Green Bay Rd Suite 178 Highland Park IL 60035  Telephone  708 3573317 or tollfree 877 3573317  If you would like to contact us via email please click hereppCopyright 2025 National Law Forum LLCp