Securities department says fees cover its operations; commissioner details large fraud investigations and education fund payout

House Bill 1011: The North Dakota Securities Department sought a $3,413,261 appropriation for the 2025–27 biennium at a hearing of the House Appropriations Government Operations Division on HB1011.

Tim Karski, North Dakota Securities Commissioner, told the committee the agency is largely self-funded and that "the Securities Department is a small agency with 10 full time employees." He said the department's biennial request breaks down to $2,770,090 for salaries and wages and $643,171 for operating expenses, and that the agency expects revenue in the coming biennium "to be equal or similar to the 2023–25 biennium of approximately $24,000,000." Karski said the department is on track in the current biennium to meet or exceed roughly $26 million in receipts.

Why it matters: The department licenses and examines broker‑dealers and investment advisers, investigates investment fraud and supports criminal prosecutions — functions that the commissioner said absorb most agency resources. Karski told the committee the department "register[s] and regulate[s] the conduct of the securities industry firms and professionals who want to do business in the state" and…