The bill introduced on March 24, 2025, seeks to amend and reenact section 32-4-406 of the Code of West Virginia, 1931, specifically regarding the administration of the Uniform Securities Act. The primary change proposed is an increase in the percentage of fees collected that will be allocated to a special operating fund for the securities division, raising it from 20 percent to 30%. 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, the bill stipulates that any excess balance in the special operating fund at the end of the fiscal year, which exceeds 20 percent of the gross revenues from the fund's operations, will be transferred to the General Revenue Fund. The bill also maintains existing provisions regarding the confidentiality of information obtained by the commissioner and the prohibition against using such information for personal benefit. Overall, the bill aims to enhance the financial resources available for the administration of the securities division while ensuring the integrity of the information handled by the commissioner and their staff.

Statutes affected:
Introduced Version: 32-4-406