SB 2119 Summary

• Creates Chapter 13-09.1 of North Dakota Century Code establishing comprehensive money transmitter licensing and regulation requirements, replacing the previous Chapter 13-09.

• Requires money transmitters to obtain licenses from the Department of Financial Institutions commissioner, with application fees of $450 and annual renewal fees of $500 or one-fourth of one percent of money transmission volume (whichever is greater, capped at $2,500).

• Establishes financial requirements including minimum tangible net worth of $100,000 or 3% of total assets, and surety bond requirements ranging from $100,000 to $500,000 based on average daily money transmission liabilities.

• Includes provisions for authorized delegates, background checks, examination authority, confidentiality protections, and suspension/revocation procedures for non-compliance with state and federal anti-money laundering laws.

• Adds regulations for virtual currency business activities (exchanges, transfers, storage) with comparable licensing, disclosure, and consumer protection requirements, effective August 1, 2023.