Senate Bill No. 498–Committee on Finance

 

May 23, 2003

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Referred to Committee on Finance

 

SUMMARY—Requires reversion to State General Fund of certain money in Revolving Account for Investigation, Enforcement and Education. (BDR 7‑1358)

 

FISCAL NOTE:  Effect on Local Government: No.

                           Effect on the State: No.

 

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

 

AN ACT relating to securities; requiring the reversion to the State General Fund of certain money in the Revolving Account for Investigation, Enforcement and Education; and providing other matters properly relating thereto.

 

THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN

SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:

 

1-1  Section 1. NRS 90.851 is hereby amended to read as follows:

1-2  90.851  1.  The Revolving Account for Investigation,

1-3  Enforcement and Education is hereby created as a special account in

1-4  the State General Fund. All money received by the Administrator as

1-5  the result of an action for the enforcement of the provisions of this

1-6  chapter must be deposited in the State General Fund for credit to the

1-7  Account.

1-8  2.  The Division shall use the money in the Account to pay the

1-9  expenses involved in:

1-10      (a) Investigations of the Division involving securities;

1-11      (b) Actions to enforce the provisions of this chapter; and

1-12      (c) Providing educational programs for the public which are

1-13  related to the operations of the Division.

1-14      3.  The Account is restricted to the uses specified, and except as

1-15  otherwise provided in subsection 4, the balance in the Account

1-16  must be carried forward at the end of each fiscal year.

2-1  4.  On June 30 of each fiscal year, any amount in excess of

2-2  $300,000 in the Account reverts to the State General Fund.

2-3  5.  Expenses may be advanced from the Account by the

2-4  Administrator.

2-5  Sec. 2.  This act becomes effective upon passage and approval.

 

2-6  H