61-1-18.7 - Funding of securities investor education and training.
61-1-18.7. Funding of securities investor education and training.
(1) (a) There is created a restricted special revenue fund known as the "SecuritiesInvestor Education and Training Fund" to provide revenue for educating the public and thesecurities industry as provided in this section.
(b) For purposes of this section, "fund" means the Securities Investor Education andTraining Fund.
(2) All money received by the state by reason of civil penalties ordered andadministrative fines collected pursuant to this chapter shall be deposited in the fund, and subjectto the requirements of Title 51, Chapter 5, Funds Consolidation Act.
(3) A fine collected by the division after July 1, 1989, pursuant to a voluntary settlementor administrative order shall be deposited into the fund.
(4) (a) The fund shall earn interest.
(b) All interest earned on fund money shall be deposited into the fund.
(5) Notwithstanding Title 63J, Chapter 1, Budgetary Procedures Act, the director mayuse money in the fund, upon concurrence of the commission and the executive director of theDepartment of Commerce, in a manner consistent with the duties of the division and commissionunder this chapter and only for any or all of the following and the expense of providing them:
(a) education and training of Utah residents in matters concerning securities laws andinvestment decisions, by publications or presentations;
(b) education of registrants and licensees under this chapter, by:
(i) publication of this chapter and rules and policy statements and opinion letters issuedunder this chapter; and
(ii) sponsorship of seminars or meetings to educate registrants and licensees as to therequirements of this chapter; and
(c) investigation and litigation.
(6) If the balance in the fund exceeds $100,000 at the close of any fiscal year, the excessshall be transferred to the General Fund.
Amended by Chapter 351, 2009 General Session