Indiana Code 23-20-1-28. Securities restitution fund; threshold; suspension of payment of claims; proration of claims after suspension period
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Sec. 28. (a) If the fund would be reduced below two hundred fifty thousand dollars ($250,000) by payment in full of all awards that become final in a month, the division shall suspend payment of the claims that become final during the month and the following two (2) months.
(c) To ensure the financial viability of the fund, the commissioner may:
(b) At the end of the suspension period, the division shall pay the suspended claims. If the fund would be exhausted by payment in full of the suspended claims, the amount paid to each claimant shall be prorated.
Terms Used In Indiana Code 23-20-1-28
- claimant: means a victim filing an application for restitution assistance under this chapter. See Indiana Code 23-20-1-1
- division: refers to the securities division of the office of the secretary of state. See Indiana Code 23-20-1-2
- fund: refers to the securities restitution fund established by section 25 of this chapter. See Indiana Code 23-20-1-3
- Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
(1) divide into installments;
(2) delay; or
(3) divide into installments and delay;
any payments owed to claimants under this chapter.
As added by P.L.114-2010, SEC.12. Amended by P.L.156-2023, SEC.17.