The bill amends West Virginia's Uniform Securities Act by increasing the percentage of fees collected that will be allocated to the special operating fund for the securities division. Specifically, it changes the allocation from 20 percent to 30% of all fees collected. This fund is managed by the Auditor, who is designated as the commissioner of securities, and is intended to support the operations of the securities division and the general operations of the Auditor's office. Additionally, any excess balance in the fund at the end of the fiscal year, beyond 20 percent of the gross revenues, will be transferred to the General Revenue Fund. The bill also outlines the responsibilities of the commissioner regarding the collection of assessments and emphasizes the confidentiality of information obtained during the administration of the chapter. It prohibits the commissioner and their employees from using non-public information for personal benefit and restricts the disclosure of such information, maintaining existing legal privileges related to evidence sought under subpoena. Overall, the bill aims to enhance the financial resources available for the securities division while ensuring the integrity and confidentiality of the information handled by the commissioner.

Statutes affected:
Introduced Version: 32-4-406