130th MAINE LEGISLATURE
LD 1887 LR 2349(01)
An Act To Establish the Securities Restitution Assistance Fund for Victims of Securities Violations
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Rep. Harnett of Gardiner
Committee: Health Coverage, Insurance and Financial Services
Fiscal Note Required: Yes
             
Preliminary Fiscal Impact Statement
FY 2021-22 FY 2022-23 Projections  FY 2023-24 Projections  FY 2024-25
Appropriations/Allocations
Other Special Revenue Funds $0 $882,000 $532,000 $532,000
Revenue
Other Special Revenue Funds $0 $0 $0 $0
Transfers
Other Special Revenue Funds $0 $0 $0 $0
Fiscal Detail and Notes
This bill establishes the Securities Restitution Assistance Fund to provide financial assistance to victims of securities violations. The bill directs the State Controller to make a one-time transfer of $350,000 in fiscal year 2022-23 from the available balance in the Department of Professional and Financial Regulation (DPFR), Office of Securities Other Special Revenue Funds account to the fund. Additionally, the fund will receive a portion of 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 $532,000 will be credited to the fund annually.