FISCAL NOTE

Date Requested: January 12, 2024
Time Requested: 06:05 PM
Agency: Auditor, State of WV
CBD Number: Version: Bill Number: Resolution Number:
1321 Introduced SB418
CBD Subject:


FUND(S):

State Funds

Sources of Revenue:

Special Fund

Legislation creates:

Creates New Fund: Securities Restitution Operating Fund



Fiscal Note Summary


Effect this measure will have on costs and revenues of state government.


The purpose of proposed Senate Bill 418 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
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. 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