Maine Revised Statutes Title 32 Sec. 16522 – Securities Restitution Assistance Fund
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1. Fund established. The Securities Restitution Assistance Fund is established within the Department of Professional and Financial Regulation, Office of Securities to provide funds for restitution assistance for victims that were awarded restitution in a final order issued by the administrator under this chapter or were awarded restitution in a final order in a legal action initiated by the administrator under this chapter but did not receive the full amount of restitution ordered before the application for restitution assistance under section 16523, subsection 2 was due.
[PL 2021, c. 576, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16522
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Maine Revised Statutes Title 32 Sec. 16102
- Final order: means a final order issued by the administrator under this chapter or a final order issued by a court in a legal action initiated by the administrator under this chapter. See Maine Revised Statutes Title 32 Sec. 16521
- Fund: means the Securities Restitution Assistance Fund established under section 16522. See Maine Revised Statutes Title 32 Sec. 16521
- Investment adviser: includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. See Maine Revised Statutes Title 32 Sec. 16102
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
- Victim: means a person that suffered monetary injury as a result of a securities violation and was awarded restitution in a final order. See Maine Revised Statutes Title 32 Sec. 16521
- Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Funding. The fund consists of the following amounts received by the administrator:
A. Five dollars of each annual agent renewal license fee paid if the operating fund balance of the Office of Securities under section 16601, subsection 6 as of October 1st of the previous calendar year exceeds 135% of the office’s current annual budget; [PL 2021, c. 576, §1 (NEW).]
B. Five dollars of each annual investment adviser representative renewal license fee paid if the operating fund balance of the Office of Securities under section 16601, subsection 6 as of October 1st of the previous calendar year exceeds 135% of the office’s current annual budget; [PL 2021, c. 576, §1 (NEW).]
C. All grants, donations and payments received or accepted by the administrator for victim restitution assistance; and [PL 2021, c. 576, §1 (NEW).]
D. Any other amounts designated by the administrator for victim restitution assistance. [PL 2021, c. 576, §1 (NEW).]
[PL 2021, c. 576, §1 (NEW).]
3. Nonlapsing fund. The amounts received for the fund may be used by the administrator only to pay awards of restitution assistance under this subchapter and to administer this subchapter and may not be placed in the General Fund. Any balance in the fund does not lapse but must be carried forward to be used for the same purposes.
[PL 2021, c. 576, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 576, §1 (NEW).