§ 6 — Operation of fund; deposits; interest; use of funds

Massachusetts § 6

• Jurisdiction: Massachusetts
• Part I: ADMINISTRATION OF THE GOVERNMENT
• Title XX: PUBLIC SAFETY AND GOOD ORDER
• Ch. 142A: REGULATION OF HOME IMPROVEMENT CONTRACTORS

Text

Section 6. The fund administrator shall operate the fund in accordance with this chapter and maintain the fund at a level which is commensurate with claims anticipated to be made against it. All monies collected shall be deposited to the credit of the fund into a special interest bearing account to be administered by the fund administrator who shall invest or reinvest the money of the fund. No portion of monies in said account shall be used for the administration of the fund, except as required by this paragraph. Interest accruing from investment of money in the fund shall be credited to the fund, with a portion of the interest, the amount of which shall be determined by the fund administrator, to be applied to educating consumers, contractors and others as to the requirements of this chapter.