HOUSE BILL No. 2563
An Act concerning securities; relating to investor
education; establishing the investor
education fund; amending K.S.A. 2001 Supp. 17-1271 and
repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 2001 Supp.
17-1271 is hereby amended to read as
follows: 17-1271. (a) The securities commissioner shall remit all
received from all fees, charges, deposits or penalties which have
collected under the Kansas securities act or other laws of this
ulating the issuance, sale or disposal of securities or regulating
this state or under the uniform land sales practices act, to the
surer in accordance with the provisions of K.S.A. 75-4215, and
ments thereto. Upon receipt of each such remittance, the state
shall deposit the entire amount in the state treasury.
Twenty percent In
accordance with subsection (a) of K.S.A. 75-3170, and
thereto, 20% of each such deposit shall be credited to the
fund and, except as provided in subsection (d), the balance
shall be cred-
ited to the securities act fee fund.
(b) On the last day of each fiscal year,
the director of accounts and
reports shall transfer from the securities act fee fund to the
fund any remaining unencumbered amount in the securities act fee
exceeding $50,000 so that the beginning unencumbered balance in
securities act fee fund on the first day of each fiscal year is
expenditures from the securities act fee fund shall be made in
with appropriation acts upon warrants of the director of accounts
reports issued pursuant to vouchers approved by the securities
sioner or by a person or persons designated by the securities
(c) All amounts transferred from the
securities act fee fund to the
state general fund under subsection (b) are to reimburse the state
fund for accounting, auditing, budgeting, legal, payroll, personnel
purchasing services and any other governmental services which are
formed on behalf of the state agency involved by other state
which receive appropriations from the state general fund to provide
services. Such reimbursements are in addition to those authorized
K.S.A. 75-3170a, and amendments thereto.
(d) There is hereby established in the
state treasury the investor ed-
ucation fund. Such fund shall be administered by the securities
sioner for the purpose of providing for the education of
matters concerning securities regulation and investments. Moneys
lected as civil penalties under K.S.A. 17-1266a, and amendments
shall be credited to the investor education fund. The securities
sioner may also receive payments designated to be credited to
education fund as a condition in settlements of cases arising
out of inves-
tigations or examinations. All expenditures from the investor
fund shall be made in accordance with appropriation acts upon
of the director of accounts and reports issued pursuant to
proved by the securities commissioner or by a person or persons
nated by the securities commissioner. Five years after the
of this act, the securities commissioner shall conduct a review
a report to the governor and the legislature concerning the
from the investor education fund and the results achieved from
vestor education program.
Sec. 2. K.S.A. 2001 Supp. 17-1271 is hereby
Sec. 3. This act shall take effect and be in force
from and after its
publication in the statute book.
Approved May 29, 2002.