Brief (1)
HB 2563 concerns the Office of the Securities Commissioner. The bill creates a new Investor Education Fund to be administered by the Securities Commissioner for the purpose of providing for the education of consumers in matters concerning securities regulation and investments. Moneys collected as fines and civil penalties by the Securities Commissioner would be credited to the new fund.
The bill requires that, five years after the act takes effect, the Securities Commissioner must conduct a review of the Investor Education Fund and the results achieved from the investor education program. The report would be submitted to the Governor and the Legislature.
Background
The Securities Commissioner testified in favor of the bill. The Securities Commissioner stated that the amount of fines collected in FY 2000 was $30,949 and $19,750 has been collected to date in FY 2001. There were no opponents.
No fiscal note is available.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext.cgi