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130th MAINE LEGISLATURE |
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LD 1887 |
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LR 2349(03) |
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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 Engrossed with:
C "A" (H-801) |
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Committee: Health Coverage, Insurance and
Financial Services |
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| Fiscal Note |
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FY 2021-22 |
FY 2022-23 |
Projections FY 2023-24 |
Projections FY 2024-25 |
| Appropriations/Allocations |
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Other Special Revenue Funds |
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$0 |
$882,000 |
$532,000 |
$532,000 |
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| Revenue |
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Other Special Revenue Funds |
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$0 |
$0 |
$0 |
$0 |
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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 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. The bill includes an Other Special Revenue
Funds allocation of $882,000 to the DPFR in fiscal year 2022-23. |
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