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Regulations panel recommends repeal of rule on non‑interest bearing NOW accounts
Summary
The Regulations Committee forwarded a recommendation to repeal regulation 15‑39‑D after the Board of Financial Institutions said state law already permits savings and loan associations to offer non‑interest bearing NOW accounts; the committee approved the recommendation and will send it to the full committee.
The Regulations Committee advanced a recommendation to repeal state regulation 15‑39‑D after Kathy Bickham, commissioner of banking with the Board of Financial Institutions, told members the regulation duplicates existing law.
Bickham said the rule covers savings‑and‑loan associations offering non‑interest bearing negotiable order of withdrawal (NOW) accounts but that the state statute already authorizes such accounts. "This regulation is unnecessary," she told the committee and recommended repeal.
Chair Jeff Bridal asked for a motion to send the repeal to the full committee. A motion was made, seconded and the chair recorded "the ayes have it." The transcript does not record individual vote tallies.
Why it matters: committee staff said the repeal is part of a broader regulatory cleanup effort to remove duplicative or obsolete provisions. Committee members thanked Bickham for the review and invited further submissions of redundant regulations for future repeal.
Next steps: the committee recorded its recommendation to send the repeal to the full committee for consideration.
