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Indiana Code Title 4. State Offices and Administration § 4-12-1-14.7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 14.7. (a) The securities rating settlement fund is established for the purpose of depositing and distributing money received under a multistate agreement related to litigation concerning the rating processes used by Standard & Poor's Financial Services and McGraw Hill Financial, Inc.

(b) All money that is received by the state under the multistate agreement described in subsection (a) shall be deposited in the fund.

(c) The fund shall be administered by the budget agency.  Money in the fund at the end of the state fiscal year does not revert to the state general fund.

(d) Money deposited into the fund shall be distributed by the state comptroller as follows:

(1) Sixty-seven and sixty-seven hundredths percent (67.67%) shall be transferred to the state general fund.

(2) Sixteen and one hundred sixty-five thousandths percent (16.165%) shall be transferred to the securities division enforcement account established by IC 23-19-6-1.

(3) Sixteen and one hundred sixty-five thousandths percent (16.165%) shall be transferred to the agency settlement fund established by IC 4-12-16-2.

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Cite this article: FindLaw.com - Indiana Code Title 4. State Offices and Administration § 4-12-1-14.7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-4-state-offices-and-administration/in-code-sect-4-12-1-14-7/

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