2006 Utah Code - 61-1-18.7 — Funding of securities investor education and training.

     61-1-18.7.   Funding of securities investor education and training.
     (1) There is created a restricted special revenue fund known as the "Securities Investor Education and Training Fund" to provide revenue for educating the public and the securities industry as provided in this section.
     (2) All money received by the state by reason of civil penalties ordered and administrative fines collected pursuant to this chapter shall be deposited in the Securities Investor Education and Training Fund, and subject to the requirements of Title 51, Chapter 5, Funds Consolidation Act.
     (3) The special revenue fund may include any fines collected by the division after July 1, 1989, pursuant to voluntary settlements or administrative orders.
     (4) (a) The fund shall earn interest.
     (b) All interest earned on fund monies shall be deposited into the fund.
     (5) Notwithstanding Title 63, Chapter 38, Budgetary Procedures Act, the director may use special revenue fund monies, upon concurrence of the Securities Advisory Board and the executive director of the Department of Commerce, in a manner consistent with the duties of the division under 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 and investment 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 of the division; and
     (ii) sponsorship of seminars or meetings to educate registrants and licensees as to the requirements 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 excess shall be transferred to the General Fund.

Amended by Chapter 256, 2002 General Session