SB 259 DE

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Became Law

This bill increases the amount of funds deposited into the Investor Protection Fund from money collected by the Investor Protection Unit from $100,000 to $550,000. In addition, it increases the retention cap of the Investor Protection Fund from $300,000 to $750,000. Lastly, it expands the permissible uses of the Investor Protection Fund to include expenses of the Fraud and Consumer Protection Division of the Department of Justice (DOJ) related to consumer protection and financial fraud. The Investor Protection Fund receives revenues from fees collected by the Unit, as well as any settlement recoveries of the Unit. It is largely used to pay the non-personnel expenses of DOJ’s Investor Protection Unit, which is a part of DOJ’s Fraud and Consumer Protection Division.

• Kyle Evans Gay · primary
• Krista Griffith Democratic · primary

1. Apr 11, 2022 Introduced and Assigned to Banking, Business & Insurance Committee in Senate · upper
2. Apr 12, 2022 Re-Assigned to Judiciary Committee in Senate · upper
3. Jun 8, 2022 Reported Out of Committee (Judiciary) in Senate with 2 Favorable, 3 On Its Merits · upper
4. Jun 8, 2022 Passed By Senate. Votes: 20 YES 1 ABSENT · upper
5. Jun 9, 2022 Assigned to Economic Development/Banking/Insurance & Commerce Committee in House · lower
6. Jun 14, 2022 Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 11 On Its Merits · lower
7. Jun 29, 2022 Passed By House. Votes: 41 YES · lower
8. Aug 4, 2022 Signed by Governor · executive