Kyle Gay
- Democratic
- Senator
- District 5
Primary
This bill increases the amount of funds deposited into the Investor Protection Fund from money collected by the Investor Protection Unit from $100,000 to $550,000. In addition, it increases the retention cap of the Investor Protection Fund from $300,000 to $750,000. Lastly, it expands the permissible uses of the Investor Protection Fund to include expenses of the Fraud and Consumer Protection Division of the Department of Justice (DOJ) related to consumer protection and financial fraud. The Investor Protection Fund receives revenues from fees collected by the Unit, as well as any settlement recoveries of the Unit. It is largely used to pay the non-personnel expenses of DOJ’s Investor Protection Unit, which is a part of DOJ’s Fraud and Consumer Protection Division.
Signed by Governor
Passed By House. Votes: 41 YES
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 11 On Its Merits
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
Passed By Senate. Votes: 20 YES 1 ABSENT
Reported Out of Committee (Judiciary) in Senate with 2 Favorable, 3 On Its Merits
Introduced and Assigned to Banking, Business & Insurance Committee in Senate
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| Fiscal Note |
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