Rule detail : 248174

ND LEG Special Deposits Agreement

Published on: Mar 26, 2025

ND LEG enacted bill SB 2123 relating to Uniform special deposits act, ND FIN 6-08.6.
Bill Provisions
Creation of special deposit account agreement, choice of law and variation provisions.
Requirements for special deposit, permissible purposes and when payment is made.
Creditor rights against special deposits, injunctive relief, recoupment and set off.
Also, bank, credit union duties, liability, account agreement term and termination.
Legislative History
On Jan. 7, 2025, bill introduced in the Senate; on Jan. 16, 2025, bill passed in Senate.
On Feb. 13, 2025, bill introduced in the House; on Mar. 14, 2025, bill passed in House.
On Mar. 19, 2025, bill sent to governor; on Mar. 20, 2025, bill signed by the governor.
Effectiveness
Bill effective on Aug. 1, 2025.

Regulators

ND LEG

Entity Types

Bank; CNSM; CU; Thrift

Reference

Bill SB2123, 3/20/2025; Citation: ND FIN 6;

Functions

Compliance; Legal; Operations; Product Administration

Countries

United States of America