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Committee Removes 3-Year Reinstatement Clause From Financial Prohibition Rule, Votes Do Pass
Summary
Lawmakers amended House Bill 1127 to remove a three-year reinstatement provision for prohibition orders that bar individuals from working at state-regulated financial institutions; committee approved the amendment and recommended the bill 5-0.
The Industry and Business Committee considered and amended House Bill 1127 to change rules governing prohibition orders that bar individuals from employment at state-supervised banks, credit unions and nonbanks.
Lisa Cruz of the North Dakota Department of Financial Institutions told the committee that the state previously used three-year temporary prohibitions but now seeks a permanent prohibition process and recommended removing a statutory three-year reinstatement…
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