§ 23-19-7-7 — Award to informant for original information leading to successful enforcement action; commissioner to determine amount; award to be paid from fund; limit on aggregate amount of awards

Indiana § 23-19-7-7

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 19: INDIANA UNIFORM SECURITIES ACT
• Ch. 7: Awards for Reporting Securities Violations

Text

(a) Except as provided in section 9 of this
chapter, and subject to subsection (b) and section 8 of this chapter, if:
(1) an informant:
(A) voluntarily provides in writing, and in the form or manner
required by the commissioner, original information to the
division; and
(B) includes, as part of the writing provided under clause (A),
a signed statement indicating that the informant reasonably
believes that the act or omission disclosed through the original
information provided constitutes a violation of this article; and
(2) the original information provided by the informant leads to the
successful enforcement of a judicial or an administrative action
under this article;
the commissioner may award an amount, to be determined by the
commissioner and paid from the fund, to the informant for the original
information provided.
(b) The commissioner may provide an award to one (1) or more
informants in any single judicial or administrative proceeding under
this article. However, the aggregate amount of the awards in any single
judicial or administrative proceeding may not exceed ten percent (10%)
of the total monetary sanctions imposed or ordered in the action.

Legislative History

As added by P.L.85-2012, SEC.6.