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Act 64 of the Fiscal Session
1 State of Arkansas
2 93rd General Assembly A Bill
3 Fiscal Session, 2022 HOUSE BILL 1049
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5 By: Joint Budget Committee
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7 For An Act To Be Entitled
8 AN ACT TO MAKE AN APPROPRIATION FOR PERSONAL SERVICES
9 AND OPERATING EXPENSES FOR THE DEPARTMENT OF COMMERCE
10 - STATE SECURITIES DEPARTMENT FOR THE FISCAL YEAR
11 ENDING JUNE 30, 2023; AND FOR OTHER PURPOSES.
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14 Subtitle
15 AN ACT FOR THE DEPARTMENT OF COMMERCE -
16 STATE SECURITIES DEPARTMENT APPROPRIATION
17 FOR THE 2022-2023 FISCAL YEAR.
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20 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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22 SECTION 1. REGULAR SALARIES. There is hereby established for the
23 Department of Commerce - State Securities Department for the 2022-2023 fiscal
24 year, the following maximum number of regular employees.
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26 Maximum Annual
27 Maximum Salary Rate
28 Item Class No. of Fiscal Year
29 No. Code Title Employees 2022-2023
30 (1) U040U ACOM SECURITIES COMMISSIONER 1 GRADE SE02
31 (2) D051C SYSTEMS APPLICATIONS SUPERVISOR 1 GRADE IT05
32 (3) N137N ACOM SECURITIES DEPUTY COMMISSIONER 1 GRADE GS14
33 (4) X008C ACOM SECURITIES CHIEF EXAMINER 2 GRADE GS13
34 (5) G004C MANAGING ATTORNEY 1 GRADE GS13
35 (6) G025C ATTORNEY SUPERVISOR 1 GRADE GS12
36 (7) X015C ACOM SECURITIES EXAMINER SUPERVISOR 3 GRADE GS11
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1 (8) G047C ATTORNEY SPECIALIST 6 GRADE GS11
2 (9) A052C ACCOUNTING COORDINATOR 1 GRADE GS09
3 (10) X032C ACOM SENIOR SECURITIES EXAMINER 9 GRADE GS09
4 (11) X061C ACOM SECURITIES EXAMINER 4 GRADE GS07
5 (12) C037C ADMINISTRATIVE ANALYST 1 GRADE GS06
6 (13) C056C ADMINISTRATIVE SPECIALIST III 3 GRADE GS04
7 (14) A098C FISCAL SUPPORT SPECIALIST 1 GRADE GS04
8 (15) C046C LEGAL SUPPORT SPECIALIST 2 GRADE GS04
9 MAX. NO. OF EMPLOYEES 37
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11 SECTION 2. EXTRA HELP. There is hereby authorized, for the Department
12 of Commerce - State Securities Department for the 2022-2023 fiscal year, the
13 following maximum number of part-time or temporary employees, to be known as
14 "Extra Help", payable from funds appropriated herein for such purposes: two
15 (2) temporary or part-time employees, when needed, at rates of pay not to
16 exceed those provided in the Uniform Classification and Compensation Act, or
17 its successor, or this act for the appropriate classification.
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19 SECTION 3. APPROPRIATION - OPERATIONS. There is hereby appropriated,
20 to the Department of Commerce, to be payable from the Securities Department
21 Fund, for personal services and operating expenses of the Department of
22 Commerce - State Securities Department for the fiscal year ending June 30,
23 2023, the following:
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25 ITEM FISCAL YEAR
26 NO. 2022-2023
27 (01) REGULAR SALARIES $2,229,477
28 (02) EXTRA HELP 16,000
29 (03) PERSONAL SERVICES MATCHING 715,152
30 (04) MAINT. & GEN. OPERATION
31 (A) OPER. EXPENSE 555,660
32 (B) CONF. & TRAVEL 35,000
33 (C) PROF. FEES 20,984
34 (D) CAP. OUTLAY 0
35 (E) DATA PROC. 0
36 (05) EXAMINATION TRAVEL 20,000
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1 TOTAL AMOUNT APPROPRIATED $3,592,273
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3 SECTION 4. APPROPRIATION - REFUNDS AND REIMBURSEMENTS. There is hereby
4 appropriated, to the Department of Commerce, to be payable from cash funds as
5 defined by Arkansas Code 19-4-801, for refunds and reimbursements of the
6 Department of Commerce - State Securities Department for the fiscal year
7 ending June 30, 2023, the following:
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9 ITEM FISCAL YEAR
10 NO. 2022-2023
11 (01) REFUNDS/REIMBURSEMENTS $50,000
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13 SECTION 5. APPROPRIATION - INVESTOR EDUCATION FUND. There is hereby
14 appropriated, to the Department of Commerce, to be payable from the Investor
15 Education Fund, for operating expenses, promotional items, and grants of the
16 Department of Commerce - State Securities Department for the fiscal year
17 ending June 30, 2023, the following:
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19 ITEM FISCAL YEAR
20 NO. 2022-2023
21 (01) MAINT. & GEN. OPERATION
22 (A) OPER. EXPENSE $61,000
23 (B) CONF. & TRAVEL 0
24 (C) PROF. FEES 0
25 (D) CAP. OUTLAY 0
26 (E) DATA PROC. 0
27 (02) GRANTS AND AID 125,000
28 (03) PROMOTIONAL ITEMS 7,500
29 TOTAL AMOUNT APPROPRIATED $193,500
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31 SECTION 6. SPECIAL LANGUAGE. NOT TO BE INCORPORATED INTO THE ARKANSAS
32 CODE NOR PUBLISHED SEPARATELY AS SPECIAL, LOCAL AND TEMPORARY LAW. QUARTERLY
33 REPORTS. The State Securities Department shall on a quarterly basis provide
34 to the Arkansas Legislative Council or Joint Budget Committee a report of all
35 funds received or any external fund transactions recognized or required
36 through court orders or settlement agreements. The report shall include:
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1 a) The case name of the court order or settlement agreement.
2 b) The amount of funds received or transaction recognized or required by
3 the State Securities Department for each court order or settlement agreement.
4 c) A plan for disbursement of the received funds. If funds received from
5 a court order or settlement agreement are expended for any purpose, including
6 investor education and enforcement activities, the report must itemize
7 specific activities subject to the exclusions provided in Ark. Code Ann. 25-
8 1-403(1)(B). The report shall also itemize the specific investor education
9 and enforcement activities funded for the State Securities Department.
10 d) An explanation of whether the funds received or transactions
11 recognized or required from a court order or settlement are directed to a
12 specific entity, and if so, the State Securities Department shall provide a
13 summary of input regarding the drafting of the court order or settlement
14 agreement.
15 e) A report of the rationale for disbursing funds to a specific entity if
16 the State Securities Department receives funds from a court order or
17 settlement agreement that does not require disbursement of funds to a
18 specific entity.
19 f) A report of current balances of all unappropriated fund holdings
20 received by court order or settlement agreement by the State Securities
21 Department.
22 g) The quarterly reports shall be provided no later than the 15th day of
23 the month immediately following the end of each quarter.
24 The provisions of this section shall be in effect only from July 1, 2021
25 2022 through June 30, 2022 2023.
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27 SECTION 7. COMPLIANCE WITH OTHER LAWS. Disbursement of funds
28 authorized by this act shall be limited to the appropriation for such agency
29 and funds made available by law for the support of such appropriations; and
30 the restrictions of the State Procurement Law, the General Accounting and
31 Budgetary Procedures Law, the Revenue Stabilization Law, the Regular Salary
32 Procedures and Restrictions Act, or their successors, and other fiscal
33 control laws of this State, where applicable, and regulations promulgated by
34 the Department of Finance and Administration, as authorized by law, shall be
35 strictly complied with in disbursement of said funds.
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1 SECTION 8. LEGISLATIVE INTENT. It is the intent of the General
2 Assembly that any funds disbursed under the authority of the appropriations
3 contained in this act shall be in compliance with the stated reasons for
4 which this act was adopted, as evidenced by the Agency Requests, Executive
5 Recommendations and Legislative Recommendations contained in the budget
6 manuals prepared by the Department of Finance and Administration, letters, or
7 summarized oral testimony in the official minutes of the Arkansas Legislative
8 Council or Joint Budget Committee which relate to its passage and adoption.
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10 SECTION 9. EFFECTIVE DATE. This act is effective on and after July 1,
11 2022.
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14 APPROVED: 2/23/22
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