§ 23-42-213 - Disposition of fines -- Investor Education Fund.
23-42-213. Disposition of fines -- Investor Education Fund.
(a) There is created on the books of the Chief Fiscal Officer of the State, the Auditor of State, and the Treasurer of State a fund to be known as the "Investor Education Fund".
(b) Except as provided by subsection (c) of this section, all fines imposed and collected or moneys collected in lieu of a fine under 23-42-209 and 23-42-308 shall be deposited as special revenues into the State Treasury and credited to the Investor Education Fund, to be administered by the Securities Commissioner for the following purposes:
(1) To inform and educate the public regarding investments in securities in order to help investors and potential investors:
(A) Evaluate their investment decisions;
(B) Protect themselves from unfair, inequitable, or fraudulent offerings;
(C) Choose their broker-dealers, agents, and investment advisers more carefully;
(D) Be alert for false or misleading advertising or other harmful practices; and
(E) Know their rights as investors; and
(2) To pay for:
(A) Costs, expenses, and charges incurred by the State Securities Department in connection with the presentation and dissemination of information to the public as described in this section, including costs of printing copies of the Arkansas Securities Act, 23-42-101 et seq., Rules of the Arkansas Securities Commissioner, and other materials designed to inform the public as set forth in this section;
(B) Costs of advertising and promotional materials designed to accomplish the purposes of this subdivision (b)(2);
(C) Costs of equipment necessary or useful for such presentations; and
(D) Costs and expenses associated with conducting a stock market game for educational purposes in selected schools in the state's public school system.
(c) (1) The Investor Education Fund shall be funded initially by the transfer of one hundred thousand dollars ($100,000) from the Securities Department Fund.
(2) All funds in excess of one hundred fifty thousand dollars ($150,000) collected in any one (1) fiscal year shall be designated as special revenues and deposited into the Securities Department Fund.