§ 68 — Worker and Small Investor Protection Fund

Massachusetts § 68

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title II: EXECUTIVE AND ADMINISTRATIVE OFFICERS OF THE COMMONWEALTH
• Ch. 10: DEPARTMENT OF THE STATE TREASURER

Text

Section 68. There shall be established and set up on the books of the commonwealth a separate fund to be known as Worker and Small Investor Protection Fund. There shall be credited to the fund all civil penalties and fines due the commonwealth collected under chapter 110A and any income derived from investment of amounts credited to the fund. Amounts credited to the fund shall be received and held in trust solely for investigations and enforcement of chapter 110A and dissemination of information about the requirements of said chapter. Revenues and expenditures of the fund shall be reported on the Massachusetts management and accounting and reporting system and maintained by the state treasurer. The fund shall not exceed a maximum of $500,000. Amounts collected in excess of the maximum shall be deposited in the General Fund.Expenditures from the Worker and Small Investor Protection Fund shall be made without further appropriation but shall be approved in writing by the secretary of the commonwealth for the sole purposes of investigating or enforcing chapter 110A and the dissemination of information about the requirements of said chapter.