An Act To Establish the Securities Restitution Assistance Fund for Victims of Securities Violations
Sec. 1. 32 MRSA c. 135, sub-c. 5-A is enacted to read:
SECURITIES RESTITUTION ASSISTANCE FUND
§ 16521. Definitions
As used in this subchapter, unless the context otherwise indicates, the following terms have the following meanings.
§ 16522. Securities Restitution Assistance Fund; established
§ 16523. Claims
Restitution assistance awards may be made under this subchapter to victims awarded restitution in a final order issued on or after the effective date of this subchapter.
§ 16524. Confidentiality of personal information
Personal information contained in an application for restitution assistance under this subchapter is not subject to disclosure to the extent the information is designated as nonpublic by section 16607, subsection 2, paragraph E.
§ 16525. Payment of restitution assistance; limits
§ 16526. Conditions under which award of restitution assistance prohibited
The administrator may not award restitution assistance if:
§ 16527. Award not subject to execution, attachment, garnishment or other process
A restitution assistance award made by the administrator under this subchapter is not subject to execution, attachment, garnishment or other process.
§ 16528. Claimant convicted of forgery, fraud, deception or falsification forfeits restitution assistance award; recovery
§ 16529. Rights of State
§ 16530. Suspension of payment
If payment of restitution assistance would result in a fund balance below $250,000, the administrator may suspend payment of claims or prorate payment of claims at the administrator's discretion until such time as the administrator determines a sufficient balance has been restored to the fund.
§ 16531. Rulemaking
The administrator may adopt rules pursuant to the Maine Administrative Procedure Act to carry out the purposes of this subchapter. Rules adopted under this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.
Sec. 2. Transfers from available fiscal year 2019-20 Office of Securities Other Special Revenue Funds balances to Securities Restitution Assistance Fund. The State Controller shall transfer $350,000 from the available balance in the Office of Securities Other Special Revenue Fund account to the Securities Restitution Assistance Fund under the Maine Revised Statutes, Title 32, section 16522.
Sec. 3. Appropriations and allocations. The following appropriations and allocations are made.
PROFESSIONAL AND FINANCIAL REGULATION, DEPARTMENT OF
Securities Restitution Assistance Fund
Initiative: Establishes an allocation to the Securities Restitution Assistance Fund.
|OTHER SPECIAL REVENUE FUNDS||2019-20||2020-21|
|OTHER SPECIAL REVENUE FUNDS TOTAL||$45,000||$45,000|
This bill establishes in the Department of Professional and Financial Regulation, Office of Securities the Securities Restitution Assistance Fund. The fund will be used to provide financial assistance to victims of securities violations that have been awarded restitution in a final order issued by the Securities Administrator or were awarded restitution in a final order in a legal action initiated by the administrator and that have not received the full amount of restitution ordered before the application for restitution assistance is due. The fund will be funded initially by a one-time transfer of $350,000 from the dedicated revenue of the Office of Securities. Thereafter, the fund will be funded by the civil fines ordered or agreed to by the administrator, a portion of broker-dealer agent and investment adviser representative renewal fees and any grants, donations or other money received by the administrator for victim restitution assistance.