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Senate Bill 0393


Senate Bill 0393

ARCHIVE (2010)

Latest Information

 

DIGEST OF INTRODUCED BILL


Restitution for victims of securities violations. Establishes the securities restitution fund to provide restitution assistance to victims and certain family members of victims for monetary injuries from securities violations. Provides that the fund consists of amounts: (1) from certain funds received for deposit in the securities division enforcement account; and (2) appropriations from the general assembly. Requires the securities division to: (1) prescribe forms for processing applications for restitution assistance; and (2) determine whether a claim for restitution assistance should be awarded. Establishes requirements for and limitations on awarding restitution assistance to victims of securities violations. Requires ten percent of funds received after June 30, 2010, for deposit in the securities division enforcement account to be deposited into the securities restitution fund. Continually appropriates money from the securities restitution fund to the division for the purposes of: (1) awarding restitution assistance under this chapter; and (2) paying expenses incurred in administering this chapter. Transfers $2,000,000 from the securities division enforcement account to the securities restitution fund on July 1, 2010. Makes it a Class C felony for a person to make or cause to be made: (1) in any document filed with the securities commissioner or securities division; or (2) in any proceeding, investigation, or examination; under the restitution assistance for victims of a securities violations provisions any statement that is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
    Current Status:
     In Committee - first House
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