The budget approval process and reports of the department of financial institutions; to provide a continuing appropriation; to provide for a report; and to provide an expiration date.
Impact
The passage of SB2028 is expected to streamline operations within the Department of Financial Institutions by providing clearer guidelines for budget approvals by the state banking board and credit union board. It facilitates the joint meetings of these boards to consider budget recommendations, potentially leading to a more coordinated approach to financial institution governance in North Dakota. The continuing appropriation aspect ensures the department can operate without constant legislative renewal, thereby improving its efficiency.
Summary
Senate Bill 2028 focuses on amending the North Dakota Century Code to enhance the budget approval process and reports concerning the Department of Financial Institutions. This bill is aimed at establishing a continuing appropriation for the financial institutions regulatory fund and ensuring that financial resources can be effectively allocated for administrative and regulatory functions. By clarifying the budgetary management processes, it emphasizes the need for accountability in how funds are reported and spent in the sector.
Sentiment
The general sentiment around SB2028 appears to be positive, particularly among stakeholders in the financial sector who see it as a beneficial measure that will enhance operational effectiveness. However, there may be underlying concerns about how the changes to the budget process will affect transparency and oversight, given that the bill consolidates certain financial controls under the authority of the boards mentioned.
Contention
Notable points of contention surrounding SB2028 include the balance of power between the state banking board, the state credit union board, and the Department of Financial Institutions. Some may argue that the bill centralizes too much authority in these boards, potentially leading to less oversight on how funds are utilized. Additionally, concerns may arise about the expiration date of the act, which places a limit on its effectiveness, and how that might impact long-term planning within financial institutions in the state.
The homestead tax credit and income tax rates for individuals, estates, and trusts; to provide for a legislative management study; to provide for a legislative management report; to provide an appropriation; to provide an effective date; and to provide an expiration date.
A sales tax exemption for a fertilizer plant and allocation of sales tax revenue; to provide a continuing appropriation; to provide for a legislative management report; and to provide an expiration date.
An information fund and continuing appropriation to pay publication and statistical processing expenses, organization claim file destruction, penalty for violation of a safety rule or regulation, and the retrospective rating program.
Provides for the Louisiana State Law Institute recommending repeal, removal or revision of law that has been declared unconstitutional by final and definitive court judgment. (gov sig)