FISCAL NOTE
Date Requested: February 03, 2023
Time Requested: 04:51 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3361 |
Introduced |
HB3250 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Special Fund
Legislation creates:
Creates New Fund:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed House Bill 3250 is to authorize restitution to victims of securities fraud and to create a fund for that purpose.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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. Instead, the legislation would simply direct that up to three percent of any such fees charged and collected under the statute may be deposited into the Securities Restitution Assistance Fund created by the Bill in Chapter 32, Article 7, Section 703 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 have no additional comments regarding this proposed legislation.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov