Sec. 1. (a) The consumer protection assistance fund is established for the purpose of compensating qualifying individuals who submit qualifying claims to the office. The fund shall be administered by the office.

     (b) The fund consists of:

Terms Used In Indiana Code 24-10-2-1

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • fund: refers to the consumer protection assistance fund established by IC 24-10-2-1. See Indiana Code 24-10-1-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • office: refers to the office of attorney general created by IC 4-6-1-2. See Indiana Code 24-10-1-2
  • Statute: A law passed by a legislature.
(1) appropriations made to the fund by the general assembly;

(2) grants, gifts, and donations intended for deposit in the fund; and

(3) at the discretion of the office, money recovered or received by the office for consumer protection purposes if use of the money is not otherwise restricted.

     (c) Money in the fund may be used to make payments to qualifying individuals who file qualifying claims with the office in connection with a case involving a violation by one (1) or more other persons of any of the following statutes, including rules adopted under the authority of the following statutes:

(1) IC 24-4.7 (concerning telephone solicitation of consumers) if the case concerns a violation involving telephone solicitations made in connection with any practice or transaction governed by a statute described in subdivisions (2) through (4).

(2) IC 24-5-15 (concerning credit services organizations).

(3) IC 24-5.5 (concerning mortgage rescue fraud).

(4) IC 24-9 (concerning home loan practices).

     (d) The expenses of administering the fund shall be paid from money in the fund.

     (e) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the fund.

     (f) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.121-2011, SEC.2.

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