Maine Revised Statutes Title 32 Sec. 16525 – Payment of restitution assistance; limits
Current as of: 2023 | Check for updates
|
Other versions
1. Payment cap. The administrator may award to a claimant restitution assistance that is:
A. The lesser of $15,000 and 25% of the amount of unpaid restitution awarded in the final order if the victim is not an eligible adult; or [PL 2021, c. 576, §1 (NEW).]
B. The lesser of $30,000 and 50% of the amount of unpaid restitution awarded in the final order if the victim is an eligible adult. [PL 2021, c. 576, §1 (NEW).]
[PL 2021, c. 576, §1 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16525
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
- Claimant: includes the named party in a restitution award in a final order, the executor of a named party in a restitution award in a final order, the heirs and assigns of a named party in a restitution award in a final order and any other person with lawful authority to act for or on behalf of a named party in a restitution award in a final order. See Maine Revised Statutes Title 32 Sec. 16521
- Eligible adult: means :
A. See Maine Revised Statutes Title 32 Sec. 16521Final 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 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
2. Waiver. The administrator may waive the payment caps in subsection 1 for good cause shown.
[PL 2021, c. 576, §1 (NEW).]
3. Award limited. An award of restitution assistance under this subchapter may be made to only one claimant per victim.
[PL 2021, c. 576, §1 (NEW).]
Restitution assistance awards may be made under this subchapter only to victims awarded restitution in a final order issued on or after the effective date of this subchapter. [PL 2021, c. 576, §1 (NEW).]
SECTION HISTORY
PL 2021, c. 576, §1 (NEW).