This bill proposes an amendment to West Virginia Code §32-4-406, specifically increasing the percentage of fees collected by the Auditor that are paid into the special operating fund for the securities division. Currently, the Auditor pays 20 percent of all fees collected into this fund; the bill seeks to raise this amount to 30 percent. Additionally, it stipulates that if the balance in the special operating fund exceeds 20 percent of the gross revenues from its operations at the end of any fiscal year, the excess funds will be transferred to the General Revenue Fund.

The bill maintains the existing framework for the administration of the securities division, which is overseen by the Auditor, who has the authority to appoint necessary assistants. It also reiterates the legal restrictions on the use of confidential information by the commissioner and their employees, ensuring that such information is not used for personal benefit and is only disclosed under specific circumstances. Overall, the bill aims to enhance the funding for the securities division while ensuring the integrity of the information handled by the Auditor's office.

Statutes affected:
Introduced Version: 32-4-406