HB4985: Relating to Securities Restitution Assistance Fund

Legislative Summary

The purpose of this bill is to authorize victim restitution and creating a restitution assistance fund for victims of securities violations; create the Securities Restitution Assistance Fund; authorize the awarding of restitution in an administrative assessment; provide for the manner and procedures for applications for restitution assistance; provide the manner and procedures for the payment of restitution assistance awards; detail the situations in which restitution is prohibited; provide for subrogation; provide for a lien on recovery and refunds of excessive restitution amounts; provide for the suspension of claims; exempt the restitution awards from attachment or intercept; and authorize the Auditor to promulgate rules regarding the restitution program.