§ 32 §16522 — Securities Restitution Assistance Fund

1.
Fund established.
The Securities Restitution Assistance Fund is established within the Department of Professional and Financial Regulation, Office of Securities to provide funds for restitution assistance for victims that were awarded restitution in a final order issued by the administrator under this chapter or were awarded restitution in a final order in a legal action initiated by the administrator under this chapter but did not receive the full amount of restitution ordered before the application for restitution assistance under section 16523, subsection 2 was due.
2.
Funding.
The fund consists of the following amounts received by the administrator:
3.
Nonlapsing fund.
The amounts received for the fund may be used by the administrator only to pay awards of restitution assistance under this subchapter and to administer this subchapter and may not be placed in the General Fund. Any balance in the fund does not lapse but must be carried forward to be used for the same purposes.

Legislative History

PL 2021, c. 576, §1 (NEW).