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Committee raises securities filing fees in House Bill 1011 amendment and advances budget
Summary
Appropriations approved an amendment to increase several securities registration and investment adviser fees and advanced the Securities Department budget to the House as amended.
Representative Bosch, presenting the Securities Department budget in House Bill 1011, said the agency’s fee schedule had not been updated for nearly two decades and proposed modest increases to several registration and adviser fees.
Bosch said the department is “a completely special funded, it's a small agency” with 10 employees and that modest fee changes would cover rising operational costs. He described the proposal as a middle-ground change that keeps North Dakota below neighboring states while updating long-stale fees.
Amendment language raises several fees: an agent registration fee from $60 to $75, broker-dealer and investment adviser firm fees modestly higher, and increases in adviser-representative fees. Bosch told the committee the net effect of those adjustments would be roughly $3.88 million in additional revenue to special funds per biennium, and that the department historically returns surplus funds to the general fund each biennium.
Committee members discussed growing IT and other centralized costs that agencies face; members said many agencies simply receive IT bills they cannot negotiate. Representative Munson and others noted the agencies’ lack of discretion over those charges and flagged rising long-term costs in larger agencies such as Human Services.
The Appropriations Committee voted to adopt the amendment and approved House Bill 1011 as amended for a due pass. Representative Bosch will carry the bill to the floor.
