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Searching 2021-2022 Session

The Vermont Statutes Online


Title 9 : Commerce and Trade

Chapter 150 : SECURITIES ACT


(Cite as: 9 V.S.A. § 5613)
  • § 5613. Collection and disposition of fees

    (a) The fees provided for in this chapter shall be collected by the Commissioner and covered into the State Treasury except as provided in subsections (b) and (e) of this section.

    (b) There is hereby created a fund to be known as the Securities Regulation and Supervision Fund. The Fund shall be used for the purpose of providing the Commissioner the means to administer the provisions of this chapter. All agent and investment adviser representative fees received pursuant to subsections 5410(b) and (d) of this title, and all examination fees and investigation expenses received pursuant to section 5614 of this title shall be transmitted to the State Treasurer and credited to this Fund. All payments from the Securities Regulatory and Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management, after receipt of proper documentation regarding services rendered and expenses incurred. The Fund shall be administered pursuant to 32 V.S.A. chapter 7, subchapter 5.

    (c) At the end of each fiscal year, the balance in the Securities Regulatory and Supervision Fund shall be transferred to the General Fund.

    (d) The Commissioner of Finance and Management may anticipate receipts to the Securities Regulatory and Supervision Fund and issue warrants based thereon.

    (e) In any fiscal year in which revenues deposited in the Financial Institution Supervision Fund established by 8 V.S.A. § 19(f) are insufficient to support the annual appropriation to the Banking Division, the Commissioner may transfer no more than a sum necessary to meet the shortfall from the Fund established by this section to the Financial Institution Supervision Fund. (Added 2007, No. 49, § 23; 2007, No. 65, § 398; amended 2007, No. 65 § 87, eff. June 4, 2007; 2007, No. 192 (Adj. Sess.), § 6.001; 2013, No. 1, § 80.)