§ 4-12-1-14.5 — Mortgage foreclosure multistate settlement fund; energy assistance

Indiana § 4-12-1-14.5

• Jurisdiction: Indiana
• Art. 12: APPROPRIATIONS MANAGEMENT
• Ch. 1: The Budget Agency

Text

5. (a) The mortgage foreclosure multistate
settlement fund is established for the purpose of depositing and
distributing money received under a multistate agreement related to
litigation concerning mortgage foreclosure activities by creditors and
mortgage servicers. The fund consists of:
(1) money that:
(A) is received by the state under the multistate agreement
related to litigation concerning mortgage foreclosure activities;
and
(B) is designated by the attorney general for deposit in the fund;
(2) appropriations made to the fund by the general assembly; and
(3) grants, gifts, and donations intended for deposit in the fund.
(b) The fund shall be administered by the budget agency.
Notwithstanding IC 5-13, the treasurer of state shall invest the money
in the fund not currently needed to meet the obligations of the fund in
the same manner as money is invested by the public employees'
retirement fund under IC 5-10.3-5. Interest that accrues from these
investments shall be deposited in the fund. Money in the fund at the
end of the state fiscal year does not revert to the state general fund.
(c) Not later than September 1 of each year, the office of the
lieutenant governor shall report to the budget agency the total amount
that was used to provide home energy assistance during the previous
state fiscal year through the Low Income Home Energy Assistance
Block Grant under 42 U.S.C. 8621 et seq. administered under IC 4-4-33-1. The budget agency shall determine the amount of gross retail
tax revenue that was collected during the preceding state fiscal year on
the amount of home energy assistance reported to the budget agency.
(d) An amount equal to the amount of gross retail tax revenue
determined by the budget agency under subsection (c) is appropriated
from the fund to the office of the lieutenant governor to establish a
separate state home energy assistance program to be administered
under IC 4-4-33-1. The separate state home energy assistance program
shall be used to provide home energy assistance exclusively for
individuals who own a home, using the same eligibility standards as
those used for the Low Income Home Energy Assistance Block Grant
under 42 U.S.C. 8621 et seq. The budget agency shall allot the amount
determined under subsection (c) from the fund before October 1 each
year.
(e) The state general fund is not liable for payment of a shortfall in
expenditures, transfers, or distributions from the fund or any other fund
due to a delay, reduction, or cancellation of payments scheduled to be
received by the state under the multistate agreement related to litigation
concerning mortgage foreclosure activities.

Legislative History

As added by P.L.58-2012, SEC.1.