# North Dakota HB 1507: AN ACT to create and enact a new chapter to title 6 of the North Dakota Century Code, relating to the establishment and organization of cooperative financial institutions; and to amend and reenact sections 6-01-02, 6-01-15, 6-01-17.1, 6-02-02, 6-02-03, 6-03-02, 6-03-11, 6-03-13.1, 6-03-34, 6-05-01, 6-06-35, 6-07.2-09, 6-07.2-19, and 6-08-08.1 of the North Dakota Century Code, relating to the application, powers, payment of claims, liquidation, and sale of cooperative financial institutions.

North Dakota HB 1507, AN ACT to create and enact a new chapter to title 6 of the North Dakota Century Code, relating to the establishment and organization of cooperative financial institutions; and to amend and reenact sections 6-01-02, 6-01-15, 6-01-17.1, 6-02-02, 6-02-03, 6-03-02, 6-03-11, 6-03-13.1, 6-03-34, 6-05-01, 6-06-35, 6-07.2-09, 6-07.2-19, and 6-08-08.1 of the North Dakota Century Code, relating to the application, powers, payment of claims, liquidation, and sale of cooperative financial institutions., is a 2025 Regular Session House bill sponsored by Daniel R. Vollmer (Republican); status signed, last action 2025-04-07 (Filed with Secretary Of State 04/03) (as of 2026-10-19).

- Canonical: https://policyrisk.com/state-bill/ND-HB1507-202501
- As of: 2026-10-19
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: North Dakota HB 1507
- State: North Dakota
- Session: 2025 Regular Session
- Title: AN ACT to create and enact a new chapter to title 6 of the North Dakota Century Code, relating to the establishment and organization of cooperative financial institutions; and to amend and reenact sections 6-01-02, 6-01-15, 6-01-17.1, 6-02-02, 6-02-03, 6-03-02, 6-03-11, 6-03-13.1, 6-03-34, 6-05-01, 6-06-35, 6-07.2-09, 6-07.2-19, and 6-08-08.1 of the North Dakota Century Code, relating to the application, powers, payment of claims, liquidation, and sale of cooperative financial institutions.
- Status: signed
- Chamber: House
- Introduced: 2025-01-20
- Last action: 2025-04-07, Filed with Secretary Of State 04/03
- Sponsor: Daniel R. Vollmer (Republican)
- Cosponsors: 0
- Touches household money: no
- Roll calls: 2 (131 yes, 3 no in all)
- Economic provisions PRIA read: 11

## Summary

No summary available.

## Bill overview: provisions PRIA read

- Cooperative mergers need strong member approval: benefit, low. A cooperative merger needs board approval and support from at least two-thirds of members who vote, with one vote each. Members and the board must learn about the merger and meeting at least 45 days before consideration. Members also receive vote notice 7 to 30 days beforehand. Voting takes place a…
- Liquidation payouts follow members’ deposit balances: benefit, low. In credit union or cooperative liquidation, member claims follow equity capital securities in the payment order. Members share available payouts in proportion to their total deposit balances on the liquidation date. Claims must be accepted by the receiver or approved by a court; this rule does not…
- Members must approve cooperative shutdowns: benefit, low. Cooperatives join credit unions in the voluntary liquidation process, which winds down an institution and distributes its assets. A majority of directors must submit the question, and a majority of members must approve in writing or by vote. The board must notify state and federal regulators within…
- State financial regulators can join cooperatives: benefit, low. North Dakota Department of Financial Institutions officers and employees can join state-chartered credit unions and cooperative financial institutions. Membership is exempt from the department’s restriction on ownership or investment interests in regulated institutions. Restrictions on other owners…
- Banks and credit unions gain conversion paths: benefit, low. Banks, credit unions, and other authorized financial institutions can convert into cooperatives through the law’s approval process. Applicants submit vote records, amended organization documents, bylaws, and permission for a pre-conversion examination. After approval, the cooperative takes over the…
- Cooperatives gain locations and trust-service options: benefit, low. Cooperatives supervised by the state banking board can operate separate banking facilities under state facility rules. Closing an approved facility requires an application and notice under board rules. Eligible banks and cooperatives can apply for authority to manage trusts and carry out related du…
- Member-owned banks get tailored board rules: benefit, low. Cooperatives follow their own board rules instead of specified general bank rules for directors, officers, vacancies, and bylaws. Each board has 5 to 15 member-elected directors serving staggered terms of 1 to 3 years. The board must be independent, and most directors cannot be institution employee…
- New option for member-owned banks: benefit, low. The law creates cooperative financial institutions: member-owned banks without capital stock, under state and federal supervision. At least 15 founding members must sign a written agreement, replacing the general bank formation rules. Opening requires state approval, an examination, certified capit…
- Cooperative applicants pay filing and examination fees: cost, low. An application to organize a cooperative financial institution costs $5,000. An application to convert an existing institution into a cooperative also costs $5,000. A cooperative branch application costs $1,500, and each filing fee must accompany the application. Institutions seeking conversion als…
- Cooperatives exempt from control-change approval rules: cost, low. Cooperative financial institutions are exempt from the stated notice, application, and approval requirements for changes in institutional control. This removes that review step for cooperatives, but does not exempt them from all banking supervision. The exemption does not directly change household…
- Cooperative members gain votes, face removal: mixed, low. Each cooperative member gets one vote, and at least one membership meeting must be held each year. Members receive at least 15 days’ notice of meetings and before charter or bylaw changes are considered. Bylaws govern voting methods, proxies, and quorum, and can allow virtual meetings. Charter or b…

## Sponsors and cosponsors

- Sponsor: Daniel R. Vollmer (Republican), House

## Roll call votes

| Date | Chamber | Motion | Result | Yes | No | Other |
| --- | --- | --- | --- | --- | --- | --- |
| 2025-03-24 | Senate | Second reading, passed, yeas 44 nays 0 | pass | 44 | 0 |   |
| 2025-02-10 | House | Second reading, passed, yeas 87 nays 3 | pass | 87 | 3 |   |

## Actions (19)

- 2025-04-07: Filed with Secretary Of State 04/03 (House)
- 2025-04-04: Signed by Governor 04/02 (House)
- 2025-04-01: Sent to Governor (House)
- 2025-04-01: Signed by Speaker (House)
- 2025-03-26: Signed by President (Senate)
- 2025-03-25: Returned to House (House)
- 2025-03-24: Second reading, passed, yeas 44 nays 0 (Senate)
- 2025-03-21: Reported back, do pass, place on calendar 15 0 1 (Senate)
- 2025-03-19: Committee Hearing 10:30 (Senate)
- 2025-03-11: Rereferred to Appropriations (Senate)
- 2025-03-11: Reported back, do pass 5 0 0 (Senate)
- 2025-03-10: Committee Hearing 03:00 (Senate)
- 2025-02-17: Introduced, first reading, referred Industry and Business Committee (Senate)
- 2025-02-11: Received from House (Senate)
- 2025-02-10: Second reading, passed, yeas 87 nays 3 (House)
- 2025-02-07: Amendment adopted, placed on calendar (House)
- 2025-02-06: Reported back amended, do pass, amendment placed on calendar 8 2 4 (House)
- 2025-01-28: Committee Hearing 10:15 (House)
- 2025-01-20: Introduced, first reading, referred Industry, Business and Labor Committee (House)

## Bill text

- Enrollment: [PDF](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-03000.pdf)
- FIRST ENGROSSMENT: [PDF](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-02000.pdf)
- INTRODUCED: [PDF](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-01000.pdf)
- Prepared by the Legislative Council staff for Representative Vollmer: [PDF](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-01001m.pdf)

## Related bills

- HB 1229: AN ACT to create and enact a new subdivision to subsection 2 of section 39-06.1-06 and section 39-10-71.1 of the North Dakota Century Code, relating to statuto… (signed)
- SB 2390: AN ACT to create and enact three new sections to chapter 54-40.1 of the North Dakota Century Code, relating to a rural catalyst committee, grant program, and f… (signed)
- HB 1298: AN ACT to amend and reenact sections 39-06.1-06, 39-09-02, 39-09-04, and 39-09-07.1, and subsection 2 of section 40-05-06 of the North Dakota Century Code, rel… (signed)
- SB 2113: AN ACT to create and enact two new sections to chapter 50-06 of the North Dakota Century Code, relating to certified community behavioral health clinics and th… (signed)
- SB 2147: AN ACT to create and enact a new subsection to section 15-10-38.4, a new subsection to section 15-62.4-03, a new section to chapter 15-62.4, and a new subsecti… (signed)
- SB 2018: AN ACT to provide an appropriation for defraying the expenses of the department of commerce; to provide an appropriation to the attorney general; to provide an… (signed)

## Sources
- [Enrollment (PDF)](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-03000.pdf)
- [FIRST ENGROSSMENT (PDF)](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-02000.pdf)
- [INTRODUCED (PDF)](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-01000.pdf)
- [Prepared by the Legislative Council staff for Representative Vollmer (PDF)](https://ndlegis.gov/assembly/69-2025/regular/documents/25-1258-01001m.pdf)

## Related
- [HB 1229: AN ACT to create and enact a new subdivision to subsection 2 of section 39-06.1…](https://policyrisk.com/state-bill/ND-HB1229-202501)
- [SB 2390: AN ACT to create and enact three new sections to chapter 54-40.1 of the North D…](https://policyrisk.com/state-bill/ND-SB2390-202501)
- [HB 1298: AN ACT to amend and reenact sections 39-06.1-06, 39-09-02, 39-09-04, and 39-09-…](https://policyrisk.com/state-bill/ND-HB1298-202501)
- [SB 2113: AN ACT to create and enact two new sections to chapter 50-06 of the North Dakot…](https://policyrisk.com/state-bill/ND-SB2113-202501)
- [SB 2147: AN ACT to create and enact a new subsection to section 15-10-38.4, a new subsec…](https://policyrisk.com/state-bill/ND-SB2147-202501)
- [SB 2018: AN ACT to provide an appropriation for defraying the expenses of the department…](https://policyrisk.com/state-bill/ND-SB2018-202501)
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Source: PRIA, https://policyrisk.com/state-bill/ND-HB1507-202501 (as of 2026-10-19).