FISCAL NOTE
Date Requested: January 22, 2024
Time Requested: 04:00 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2956 |
Introduced |
HB4985 |
|
|---|
| CBD Subject: |
Finance and Administration |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Special Fund Impacts All Fund Types - No Direct Tax or Fee Increases
Legislation creates:
Creates New Fund: Securities Restitution Assistance Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 4985 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.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2024
Increase/Decrease
(use"-") |
2025
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
0 |
0 |
Explanation of above estimates (including long-range effect):
We believe adoption of the Bill would not create any new fees not currently charged and collected under State law through Chapter 32, Article 4, Section 406 of the West Virginia Code. The State Auditor’s Office believes it would be able to implement the requirements of the Bill utilizing existing staff and resources currently available to the office. Accordingly, we believe there also would be no additional costs associated with the passage of the legislation.
Memorandum
We note the language of proposed House Bill 4985 has many similarities with the language of proposed Senate Bill 418. One notable difference is proposed Senate Bill 418 includes an amendment to Chapter 32, Article 4, Section 406, Subsection (d) which specifies the newly created Securities Restitution Operating Fund (House Bill 4985 refers to the new fund as the Securities Restitution Assistance Fund) may be funded by the depositing of up to three percent of all collected gross assessments and fees under Chapter 32, Article 4 while proposed House Bill 4985 does not contain this amending language regarding 32-4-406 (d). However, the proposed House Bill does include language referencing 32-4-406(d) by saying in proposed 32-7-703, “…Money shall be deposited into this fund as provided in §32-4-406(d) of this Code….” Our review of the current text of §32-4-406(d) shows the referenced Code section has no references to fee assessments and collections.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov