The bill introduced on March 24, 2025, seeks to amend 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, the bill changes the current requirement of allocating 20 percent of all fees collected to a new requirement of 30 percent. This fund is managed by the Auditor, who is designated as the commissioner of securities and is responsible for the administration of the chapter. Additionally, any excess balance in the special operating 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. Overall, the bill aims to enhance the funding for the securities division while ensuring the integrity and confidentiality of the information handled by the commissioner.

Statutes affected:
Introduced Version: 32-4-406