North DakotaHB 11562025 Regular SessionHouseWALLET

AN ACT to create and enact a new section to chapter 43-02.2 of the North Dakota Century Code, relating to ownership of accounting firms by qualified plans; and to amend and reenact subsection 3 of section 10-31-04 and subsection 3 of section 43-02.2-06 of the North Dakota Century Code, relating to minority ownership of an accounting firm.

Sponsored By: Austen Schauer (Republican)

Became Law

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

Retirement plans can own accounting firms

Qualified retirement plans, including employee stock ownership plans, can own all or part of a North Dakota accounting firm. For a permit, a simple majority of the firm’s financial and voting interests must belong to licensed accountants. A firm may be wholly plan-owned only if 51% or more of the plan’s beneficial ownership is held by licensed accountants and a board majority are licensed accountants. All certified public accountants or licensed public accountants who work in North Dakota and perform services here must hold a North Dakota license. Minority ownership can belong to individuals or to a qualified plan. Firms and owners must follow all board ownership rules.

Sponsors & Cosponsors

Sponsor

  • Austen Schauer

    Republican • House

Cosponsors

  • Landon Bahl

    Republican • House

  • Josh Christy

    Republican • House

  • Kathy Frelich

    Republican • House

  • Jorin Johnson

    Republican • House

  • Scott Louser

    Republican • House

  • Emily O'Brien

    Republican • House

  • SuAnn Olson

    Republican • House

  • Jerry Klein

    Republican • Senate

  • Kristin Roers

    Republican • Senate

  • Jonathan Sickler

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 138 • No: 0

Senate vote 3/11/2025

Second reading, passed, yeas 47 nays 0

Yes: 47 • No: 0

House vote 1/23/2025

Second reading, passed, yeas 91 nays 0

Yes: 91 • No: 0

Actions Timeline

  1. Filed with Secretary Of State 03/24

    3/25/2025House
  2. Signed by Governor 03/21

    3/24/2025House
  3. Sent to Governor

    3/20/2025House
  4. Signed by Speaker

    3/20/2025House
  5. Signed by President

    3/14/2025Senate
  6. Returned to House

    3/12/2025House
  7. Second reading, passed, yeas 47 nays 0

    3/11/2025Senate
  8. Reported back, do pass, place on calendar 5 0 0

    3/7/2025Senate
  9. Committee Hearing 09:00

    3/7/2025Senate
  10. Introduced, first reading, referred Workforce Development Committee

    2/13/2025Senate
  11. Received from House

    1/24/2025Senate
  12. Second reading, passed, yeas 91 nays 0

    1/23/2025House
  13. Reported back, do pass, place on calendar 11 0 3

    1/22/2025House
  14. Committee Hearing 09:00

    1/22/2025House
  15. Introduced, first reading, referred Industry, Business and Labor Committee

    1/7/2025House

Bill Text

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