Senate Bill 2530

AN ACT TO ESTABLISH THE REGULATION AND ENFORCEMENT FUND; TO CREATE NEW SECTION 79-11-531, MISSISSIPPI CODE OF 1972, TO ESTABLISH THE SECURITIES ENFORCEMENT ACT AND REGULATION OF CHARITABLE SOLICITATIONS ACT FUND; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) There is created in the State Treasury a special fund, to be designated the "Regulation and Enforcement Fund" to the credit of the Secretary of State, which shall be composed of the proceeds and revenues from registrations, fines, awards, or settlements produced by administrative or court actions involving the regulation and enforcement of the Pre—need Cemetery and Funeral Registration Act under Section 75-63-51 et seq., the Cemetery Law under Section 41—43-31 et seq., the Uniform Athlete Agents Act under 73-42—1 et seq., and the Scrap Metal Dealer Act under Section 97-17—71 et seq., and any other funds that may be made available for the fund by the Legislature.

(2) Monies in the fund shall be expended by the Secretary of State for the purposes of regulation and enforcement of the Pre-Need Cemetery and Funeral Registration Act under Section 75- 63—51 et seq., the Cemetery Law under Section 41—42—31 et seq., the Uniform Athlete Agents Act under Section 73—42—1 et seq., and the Scrap Metal Dealer Act under Section 97—17-71 et seq.

(3) Unexpended amounts remaining in the special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned or investment earnings on amounts in the special fund shall be deposited to the credit of the special fund.

SECTION 2. The following shall be codified as Section 79-11-531, Mississippi Code of 1972:

79—11—531. (1) There is created in the State Treasury a special fund, to be designated the "Securities Enforcement Act and Regulation of Charitable Solicitations Act Fund" to the credit of the Secretary of State, which shall be composed of the proceeds and revenues from fines, awards, or settlements produced by administrative or court actions involving the enforcement of the Mississippi Securities Act and the Regulation of Charitable Solicitations Act, and any other funds that may be made available for the fund by the Legislature.

(2) Monies in the fund shall be expended by the Secretary of State for the purposes of enforcement of the Mississippi Securities Act and the Regulation of Charitable Solicitations Act.

SECTION 3. This act shall take effect and be in force from and after July 1, 2016.