Sec. 1. 32 MRSA §16601, sub-§7 is enacted to read:

7.__Securities Investor Education and Training Fund.__The Securities Investor Education and Training Fund, referred to in this subsection as "the fund," is established to provide funds for the purposes specified in subsection 4.__The fund consists of all grants or donations accepted by the administrator pursuant to subsection 4 and all payments received by the administrator that have been designated in a consent order, consent agreement, court order or court judgment to be credited to the fund.__Any balance in the fund does not lapse but must be carried forward to be used for the same purposes.

SUMMARY

This bill establishes the dedicated nonlapsing Securities Investor Education and Training Fund within the Department of Professional and Financial Regulation, Office of Securities to be used for the purposes of securities education and training. The education and training fund consists of grant or donation funds, as well as amounts credited to the education and training fund pursuant to designations in consent orders or agreements and court orders or judgments, and is independent from the operating fund.