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129th MAINE LEGISLATURE |
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LD 1704 |
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LR 2365(02) |
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An Act To
Establish the Securities Restitution Assistance Fund for Victims of
Securities Violations |
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Fiscal Note for
Bill as Amended by Committee Amendment " " |
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Committee: Health Coverage, Insurance and
Financial Services |
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Fiscal Note Required: Yes |
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| Fiscal Note |
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FY 2019-20 |
FY 2020-21 |
Projections FY 2021-22 |
Projections FY 2022-23 |
| Net Cost
(Savings) |
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General Fund |
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$56,250 |
$75,000 |
$75,000 |
$75,000 |
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| Appropriations/Allocations |
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Other Special Revenue Funds |
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$650,000 |
$650,000 |
$650,000 |
$650,000 |
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| Revenue |
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General Fund |
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($56,250) |
($75,000) |
($75,000) |
($75,000) |
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Other Special Revenue Funds |
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$56,250 |
$75,000 |
$75,000 |
$75,000 |
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| Transfers |
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Other Special Revenue Funds |
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$0 |
$0 |
$0 |
$0 |
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| Fiscal Detail
and Notes |
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This bill
establishes the Securities Restitution Assistance Fund to provide financial
assistance to victims of securities violations. The bill directs the State
Controller to transfer $350,000 from the available balance in the Office of
Securities Other Special Revenue Funds account to the fund. A revenue stream that already exists within
the Department of Professional and Financial Regulation (DPFR) from civil
fines ordered or agreed to by the administrator, a portion of broker dealer
agent and investment adviser representative renewal fees and any grants,
donations or other money received by the administrator for victim restitution
assistance will now be redirected to the new fund. The DPFR anticipates that
$650,000 will be credited to the fund on an annual basis. Of this amount,
$75,000 is being redirected from the General Fund and the rest is being
redirected from Other Special Revenue Funds in the DPFR.
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The bill includes
Other Special Revenue Funds allocations of $650,000 annually to the DPFR
beginning in fiscal year 2019-20. |
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