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ND HB1140
Bill
Status
2/2/2011
Primary Sponsor
Lawrence Klemin
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AI Summary
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Requires all orders, directives, policies, refusals, disapprovals, restrictions, or requirements issued by the North Dakota securities commissioner to be based on and reference a specific state statute or administrative rule provision providing authority for the action.
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Prohibits the securities commissioner from establishing any restriction on income or assets of investors or potential investors in real estate investment trusts unless the restriction is formally adopted as a rule under chapter 28-32 of North Dakota Century Code.
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Requires any income or asset restriction on real estate investment trust investors to be supported by substantial evidence demonstrating the restriction is in the public interest and best interest of investors.
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Section 1 becomes effective on January 1, 2012.
Legislative Description
Requirement of statutory or administrative rules as a basis for action by the securities commissioner and prohibition of imposition by the securities commissioner of restrictions on income or assets of investors or potential investors in real estate investment trusts; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 0 nays 46
3/16/2011