[{"_1":2,"_100":-5,"_101":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6624912,"mediaKeyId","2764905-0d418b52d26236dbad92227c36b5e6fd","parentId",2764905,"title","Committee reviews amendment to add online consumer-directed wage-access loans to payday database","audioSeconds",287,"startMs",1793000,"endMs",2080000,"viewUrl","/Search/View?dp=1&key=2764905-0d418b52d26236dbad92227c36b5e6fd&start=1793&end=2080","thumbnailUrl","https://assets.pipeline.soar.com/2764905-0d418b52d26236dbad92227c36b5e6fd/thumbnail_1793000.jpg","articleUrl","/articles/6624912/North-Dakota/Committee-reviews-amendment-to-add-online-consumer-directed-wage-access-loans-to-payday-database","mediaUrl","https://secure.pipeline.soar.com/6624912-8955149afa533d81db7724bc5469e6e2/orig.mp4?Expires=1770658363&Signature=W1DEzReLuCyKzNV17d-WJEKcSiXg9rbbhysBUP8fA7mwyiC9tUre1qU-50Eg7u1u7s8~IjvAWxocAXs-wsmMJhp7Ei0y~bQGgvU4DzqmM4F4khPcyg8QEKVgVPX8zHYjGIe2TonnyTP-S~m82Qw04ts23t9ezt8WUhRHJgi462yjnHWGWnlTHE1Dbul3ILBPZyVHArnICyWBy61Jwdg1lwOlBzPCqgCcGDdUTFRx1sLlwl45gIafUCKRACCnZNTGh6u4LGoI20jLghtXKbhI9YZcQPpWcp9qqDYNNIPr2oZUWbi31Uxl6qW23lYSY9R5f3PYZhRM0t4m11g50NoZlg__&Key-Pair-Id=KUT5TJCACFTXG","author","North Dakota Legislature","date","2025-03-25T00:00:00Z","article","A committee amendment was introduced to expand the state's payday lending database to include consumer-directed online payday and earned-wage access providers, bringing those online lenders into the same reporting framework now used by traditional brick-and-mortar payday vendors.

Bill Kolonik, appearing for the North Dakota Pawnbrokers Association and Catalyst HoldCo, told the committee the amendment would \"put them on a level playing field with the traditional payday loan vendors in the state\" and \"require that the consumer-directed... services that an individual uses to get an online loan be reported into the database.\" He said employer-based earned-wage-access programs would be excluded from the requirement.

Key details: Under the amendment as explained by Kolonik, the database requirement would apply only to consumer-directed transactions (individuals obtaining online loans), not to employer-associated earned-wage access programs. The amendment would allow the Department of Financial Institutions (DFI) to set and collect a fee to operate the database and would not make reporting mandatory until the database is operational.

Consumer cost and protections: Committee members asked whether the database requirement would increase costs to consumers. Kolonik acknowledged a fee would likely be passed to borrowers but expected it to be smaller than the $3 point-of-sale fee tied to traditional payday loans. He framed the database as a consumer-protection measure intended to prevent borrowers from taking out multiple loans from different providers on the same day: \"It's a consumer protection, in that regard so that a person couldn't rack up multiple loans with different providers.\"

Regulatory coordination: Kolonik said the amendment had been reviewed with the Department of Financial Institutions and that DFI staff (Assistant Director Corey Krebs) had revised the language to ensure the department could operate the database mechanically. Committee members discussed DFI's neutral stance and the department's oversight role; one committee member said DFI had been invited to attend the afternoon session to answer questions.

Action: No formal committee vote on this amendment or the underlying bill was recorded during the transcript. The amendment was described as drafted in coordination with DFI and intended to level regulatory requirements between online consumer-directed lenders and traditional payday lenders.

Ending: The committee heard technical and policy questions about costs and mechanics; DFI staff were expected to appear later to address operational details and fee-setting. No final committee action on the amendment was recorded in the transcript.","mediaType","Video","parentTitle","Senate Industry and Business Mar 25, 2025","oneSentenceSummary","An amendment was presented to require consumer-directed online payday and wage-access providers to report loans to the state payday database, aligning them with traditional payday lenders.","taxTitle","Industry and Business, Senate, Legislative, North Dakota","taxId",28906,"location","North Dakota","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6624908,"Committee splits on amended bill to allow in-state investments, restrict direct Chinese holdings",1304,2296000,3600000,"/Search/View?dp=1&key=2764905-0d418b52d26236dbad92227c36b5e6fd&start=2296&end=3600","https://assets.pipeline.soar.com/2764905-0d418b52d26236dbad92227c36b5e6fd/thumbnail_2296000.jpg","/articles/6624908/North-Dakota/Committee-splits-on-amended-bill-to-allow-in-state-investments-restrict-direct-Chinese-holdings","https://secure.pipeline.soar.com/6624908-74f044523bc7b93d2e9cb74074061afe/orig.mp4?Expires=1770658363&Signature=BY1IDB~frbdzh3MC~oBb~7wG5PgAZV-2BRdhp6c8GVY~6n8ILGfzRCZ0mkTSeMpT5MUdDOFJLMXQDuhRvXy2~az9bHS37R4oXYCB~vQWXWtHXvBdp43hAhJAfmmZUN0Bv8EpPwXil7xwzhlXUAJ97rjMjOUhIYAYuQkczSeYPwTOtck4FtxRlYKep1DCKg5gipDOxaKCFf6SH4cBiu-U~9HErU6Nxo720EHqICxKvQJgTCZMi~VpPwm3WPDvcrGIPXJVsnY06OutsuPVaGV8MR15G1NKu~5lXhD2OCp3XYJyrOm4XU3VVukXQKGhVWDWzy6lEm3qNsSjzX6lWZ86XA__&Key-Pair-Id=KUT5TJCACFTXG","The Senate Industry and Business Committee heard extended testimony on House Bill 1330, a bill that would change how the legacy fund's investments are governed under the prudent-investor framework, add authority for certain large in-state infrastructure and \"primary-sector\" business investments, and permit divestment from direct investments in specified Chinese companies.

Representative Bern (Representative Satrim) introduced the concept as a two-part approach: curbing certain direct Chinese investments while giving the State Investment Board (SIB) and the Legacy Advisory Board additional flexibility to invest in projects and businesses in North Dakota. \"What I'm gonna be proposing to you is a couple of amendments to a really good bill,\" Representative Satrim told the committee. He said the goal is to help develop in-state businesses and infrastructure and to give the boards additional discretion to invest in projects that could retain capital and jobs in North Dakota.

State investment office testimony: Jody Smith, interim executive director of the Retirement and Investment Office, described the existing in-state investment program and the practical limits of excluding China from commingled funds. She testified that direct investments in Chinese companies account for about $22 million of the office's $24 billion portfolio and cautioned that excluding China more broadly (for example, by changing definitions that capture commingled funds) could expand the exclusion to billions of dollars of holdings. \"Due to the size of the Chinese economy and exposure to the markets and the prominence in this matter of major indexes, it is difficult as a fiduciary to exclude China completely from our portfolio,\" she testified.

Smith also explained mechanics of the in-state program: since 2021 more than $450 million has been committed to 40 North Dakota businesses and communities through matching and other programs; the legacy fund has committed funds through the Bank of North Dakota and the North Dakota Growth Fund (managed by 50 South) and works with qualified managers to vet direct investments.

Scott Anderson, the Retirement Investment Office's chief investment officer, described the prudent-investor standard and how diversification and portfolio-level analysis determine whether a large in-state investment would be prudent. He said the legacy advisory board previously set limits (for example, typical in-state investments capped near $10 million with a few larger exceptions) to protect diversification. The proposed amendment would permit a larger, single infrastructure investment if both boards deemed it beneficial.

Concerns and trade-offs: Committee members asked whether codifying country-based exclusions or adding more prescriptive language would handcuff future boards and whether changes could reduce returns. Smith and Anderson said the advisory board already has authority to direct divestment of direct investments (and that the current $22 million is a modest slice of the legacy fund). Anderson warned that codifying country-level limits can restrict managers' opportunity set and potentially reduce returns. State Treasurer Thomas Beadle, who serves on the advisory board and the State Investment Board, echoed the point that placing restrictions in statute can limit managers and that any handcuffs run the risk of lowering potential returns.

Committee action: The committee first voted 5-0 to adopt an amendment (the committee recorded the amendment vote as 5-0). Later, after debate and a newly added sunset clause proposed in committee, members voted on a do-pass motion for the amended bill; the roll-call recorded two \"No\" votes (Senator Klein and Senator Kessel) and three \"Aye\" votes (Chairman Barta, Vice Chair Baim and Senator Inghitt), yielding a 3-2 do-pass recommendation. Senator Anget was named the carrier.

Why it matters: The legacy fund is a large, state-managed sovereign wealth fund whose earnings help finance state government. Lawmakers and board members balanced concerns about ethical or geopolitical risks from certain foreign investments against fiduciary duties to maximize return per unit of risk. Testimony emphasized that the existing approach focuses divestment on direct investments while leaving commingled index exposure intact unless further action is specified.

Ending: The bill will advance based on the committee's 3-2 do-pass recommendation. Committee members and agency witnesses flagged follow-up topics the Legislature may address in later sessions, including precise definitions of \"primary-sector\" investments, guardrails for in-state investments, and whether any statutory restrictions should include a sunset review period.","The Senate Industry and Business Committee voted to recommend a do-pass on an amended House Bill 1330 after debating changes that would allow some large in-state investments while restricting direct Chinese holdings; the committee's final vote was 3-2.",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6624916,"Senate panel backs due-pass for bill requiring public website for investment board",805,925000,1730000,"/Search/View?dp=1&key=2764905-0d418b52d26236dbad92227c36b5e6fd&start=925&end=1730","https://assets.pipeline.soar.com/2764905-0d418b52d26236dbad92227c36b5e6fd/thumbnail_925000.jpg","/articles/6624916/North-Dakota/Senate-panel-backs-due-pass-for-bill-requiring-public-website-for-investment-board","https://secure.pipeline.soar.com/6624916-b4bcc9fbb47d730fd5b3db96c4475578/orig.mp4?Expires=1770658363&Signature=CWmHqDgRVa-VS1O233vGhKuceKIZqvdGF1P4XtrtX3vXvOpIkTBUP1Uxwc1QBzNfyAAwoTL3LFPcJSxAKDIev8HZa1bw2OH3LflNNsLklc1Xp2mBPIpZSToXCGeWUKeWDW3NrHkMRGq5pQeiJLWgoq~5GyA~nZXUf2U7KP0FeyybrRt7sdRHD5DsNygc418ZtzHYEXbJSO8xhSEkJmDukMT4rM9mk9xdkWrT~C9s-aJQ2f9w8njyb0E1YRrLouhsSPduN0TqJp2ui2Cr0dEAIFZjSy2Of-VZm-mX0gWFzSO6eq6VXksiDWdW8eLRZyQ1hld2DQAKz4ShbdaczjyprQ__&Key-Pair-Id=KUT5TJCACFTXG","The Senate Industry and Business Committee voted 5-0 to recommend a due pass for engrossed House Bill 1319, a bill that would require the state investment board to maintain a publicly accessible website with certain investment disclosures.

Supporters said the website would reduce the number and cost of open-records requests by letting people look up key legacy-fund information online. \"We could redirect people to this website,\" Jody Smith, interim executive director of the Retirement and Investment Office, told the committee. She said the office manages 31 funds and that the legacy fund is just one of them, and that a searchable site would reduce staff time spent fulfilling requests currently provided as lengthy PDFs.

Why it matters: The legacy fund is a sovereign wealth fund created by constitutional amendment in 2010; it receives 30% of oil and gas revenue. Committee members said publicly available information could ease the administrative burden of repeated open-records requests and give the public easier access to legacy-fund details.

Smith told the committee she preferred the House-drafted version of the bill over a later, more prescriptive amendment. \"We're not in support of those [green-line] additions,\" she said of the amendment text. \"They're a bit prescriptive, and we have some concerns that they would be in compliance with the state law. We also have contracts in place that we feel would be out of compliance, if this went into effect. So the version that was sent over from the house... is the one that we would recommend.\"

Smith estimated initial costs to build the website could reach about $500,000, based on a range provided by the North Dakota Information Technology (NDIT) office. She said those costs should fall after launch because later work could be automated when the agency's legacy systems are replaced in 2029.

Committee discussion referenced the fiscal note and the cost of responding to open-records requests. Smith said the office charges $25 per hour after the first hour for some requests but estimated the true internal cost at about $100 an hour for staff time to gather and scrub records. She said roughly 30% of the office's open-records requests relate to the legacy fund.

Action at committee: Senator Klein moved a due-pass recommendation on engrossed House Bill 1319 and that the bill be referred to the Appropriations Committee; Senator Kessel seconded. The clerk recorded a roll call: Klein, Kessel, Chairman Barta, Vice Chair Baim and Senator Engett all voted \"Aye.\" The committee recorded a 5-0 \"due pass\" recommendation and Senator Klein agreed to be the carrier.

Background and next steps: Committee members said the website could be phased and improved over several years. Smith said staff would propose larger IT funding during the next legislative session to modernize systems and reduce manual uploads. The bill will move to the Appropriations Committee per the committee recommendation.

Ending: With the committee's unanimous endorsement, House Bill 1319 will proceed toward consideration by the Legislature with a due-pass recommendation and an appropriations referral.","The Senate Industry and Business Committee voted 5-0 to give a due-pass recommendation on engrossed House Bill 1319, which would require a public-facing website for the state investment board's legacy fund. State investment office staff warned some proposed amendments were too prescriptive and urged adoption of a simpler House version.","actionData","errors"]

Article not found

Committee reviews amendment to add online consumer-directed wage-access loans to payday database

Committee splits on amended bill to allow in-state investments, restrict direct Chinese holdings

Senate panel backs due-pass for bill requiring public website for investment board