Indiana § 23-20-1-28 Securities restitution fund; threshold; suspension of payment of claims;
proration of claims after suspension period

Indiana Statutes

§ 23-20-1-28 — Securities restitution fund; threshold; suspension of payment of claims; proration of claims after suspension period

Indiana·Title 23 BUSINESS AND OTHER ASSOCIATIONS·Art. 20 VICTIMS OF SECURITIES VIOLATIONS·Ch. 1 Restitution for Victims of Securities Violations

(a)If the fund would be reduced below two hundred fifty thousand dollars ($250,000) by payment in full of all awards that become final in a month, the division shall suspend payment of the claims that become final during the month and the following two (2) months.

(b)At the end of the suspension period, the division shall pay the suspended claims. If the fund would be exhausted by payment in full of the suspended claims, the amount paid to each claimant shall be prorated.

(c)To ensure the financial viability of the fund, the commissioner may:

(1)divide into installments;

(2)delay; or

(3)divide into installments and delay; any payments owed to claimants under this chapter.

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(a) If the fund would be reduced below two
hundred fifty thousand dollars ($250,000) by payment in full of all
awards that become final in a month, the division shall suspend
payment of the claims that become final during the month and the
following two (2) months.
(b) At the end of the suspension period, the division shall pay the
suspended claims. If the fund would be exhausted by payment in full
of the suspended claims, the amount paid to each claimant shall be
prorated.
(c) To ensure the financial viability of the fund, the commissioner
may:
(1) divide into installments;
(2) delay; or
(3) divide into installments and delay;
any payments owed to claimants under this chapter.

Indiana § 23-20-1-28 (Securities restitution fund; threshold; suspension of payment of claims; proration of claims after suspension period) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.