CHAPTER 485

H.P. 1295 - L.D. 1855

An Act To Establish the Securities Investor Education and

Training Fund

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 32 MRSA §16601, sub-§7 is enacted to read:

7.__Securities Investor Education and Training Fund.__The Securities Investor Education and Training Fund, referred to in this subsection as "the fund," is established to provide funds for the purposes specified in subsection 4.__The fund consists of all grants or donations accepted by the administrator pursuant to subsection 4 and all payments received by the administrator for investor education and training that have been designated in a consent order or consent agreement resulting from a multistate investigation or a joint investigation with the federal Securities and Exchange Commission or a court order or court judgment to be credited to the fund.__Any balance in the fund does not lapse but must be carried forward to be used for the same purposes.

Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.

PROFESSIONAL AND FINANCIAL REGULATION,

DEPARTMENT OF

Securities Investor Education and Training Fund

Initiative: Allocates funds for the development and