ND HB1112

Amends North Dakota Century Code sections 21-04-09 and 21-06-07 to modify requirements for securing public deposits with financial institutions.

Allows financial institutions to maintain a security pledge schedule instead of traditional pledges, requiring disclosure of public body names, deposit amounts, federal deposit insurance coverage, and total securities pledged.

Requires security pledge schedules to be verified by custodians every three months with copies provided to custodians and public corporations maintaining deposits.

Eliminates pledge requirements for deposits fully insured or guaranteed by the Federal Deposit Insurance Corporation, National Credit Union Administration, or qualified excess deposit insurance companies with A- or better ratings.

Permits reciprocal deposit placement services to place certificates of deposit for public entities without requiring additional pledges when deposits are fully insured or guaranteed by federal agencies.