Commerce Department outlines NASAA-modeled consumer protections in House File 4071; bill laid over

Sam Smith, testifying for the Department of Commerce, outlined House File 4071, which proposes adopting North American Securities Administrators Association model rules for financial institutions and related technical changes (cybersecurity, business continuity, investor protections and crowdfunding notice filings). Smith said the model acts were developed through NASAA committee processes and would give the department tools for consumer protection and regulatory consistency.

Members asked about how the department would staff or fund additional duties; Smith said the department did not anticipate additional costs and would absorb necessary work. Members requested follow-up details about potential workload and implementation, and the author moved to lay the bill over for possible inclusion pending further review.