On April 11, North Dakota enacted HB 1127, reforming its regulatory landscape for financial institutions and nonbank providers. The law introduces strict data security measures, mandating that covered entities implement comprehensive information security programs, designate responsible individuals, conduct regular vulnerability assessments, secure consumer data, and notify regulators of any breaches affecting 500 or more individuals. Additionally, it broadens licensing requirements to include alternative financing products, aiming to hold fintech providers under increased scrutiny and compliance standards.
Each financial corporation must designate a qualified individual responsible for overseeing the security program and report annually to its board or a senior officer.
The law introduces sweeping data protection obligations for nonbank financial corporations through new requirements created in Chapter 13-01.2.
Collection
[
|
...
]