Arkansas § 23-42-213 Disposition of fines - Investor Education Fund

Arkansas Statutes

§ 23-42-213 — Disposition of fines - Investor Education Fund

(a)There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Investor Education Fund".

(b)Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the fund, to be administered by the Securities Commissioner for the following purposes:

(1)To inform and educate the public regarding investments in securities in order to help investors and potential investors:

(A)Evaluate their investment decisions;

(B)Protect themselves from unfair, inequitable, or fraudulent offerings;

(C)Choose their broker-dealers, agents, and investment advisers more carefully;

(D)Be aler

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(a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Investor Education Fund". (b) Except as provided by subsection (c) of this section, all fines imposed and collected under §§ 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the fund, to be administered by the Securities Commissioner for the following purposes: (1) To inform and educate the public regarding investments in securities in order to help investors and potential investors: (A) Evaluate their investment decisions; (B) Protect themselves from unfair, inequitable, or fraudulent offerings; (C) Choose their broker-dealers, agents, and investment advisers more carefully; (D) Be alert for false or misleading advertising or other harmful practices; and (E) Know their rights as investors; and (2) To pay for: (A) Costs, expenses, and charges incurred by the State Securities Department in connection with the presentation and dissemination of information to the public as described in this section, including costs of printing copies of the Arkansas Securities Act, § 23-42-101 et seq., Rules of the Arkansas Securities Commissioner, and other materials designed to inform the public as set forth in this section; (B) Costs of advertising and promotional materials designed to accomplish the purposes of this subdivision (b)(2); (C) Costs of equipment necessary or useful for such presentations; and (D) Costs and expenses associated with conducting a stock market game for educational purposes in selected schools in the state's public school system. (c) Fines collected in excess of one hundred fifty thousand dollars ($150,000) in any one (1) fiscal year shall be deposited as general revenues.

Arkansas § 23-42-213 (Disposition of fines - Investor Education Fund) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by Act 2017, No. 668,§ 16, eff. 8/1/2017. Amended by Act 2017, No. 668,§ 15, eff. 8/1/2017. Amended by Act 2013, No. 460,§ 5, eff. 8/16/2013. Acts 2003, No. 759, § 2.