Senate Bill 259
151st General Assembly (Present)
Ready for Governor for action
AN ACT TO AMEND TITLE 6 OF THE DELAWARE CODE RELATING TO THE INVESTOR PROTECTION FUND.
This bill increases the amount of funds deposited into the Investor Protection Fund from money collected by the Investor Protection Unit from $100,000 to $550,000. In addition, it increases the retention cap of the Investor Protection Fund from $300,000 to $750,000. Lastly, it expands the permissible uses of the Investor Protection Fund to include expenses of the Fraud and Consumer Protection Division of the Department of Justice (DOJ) related to consumer protection and financial fraud. The Investor Protection Fund receives revenues from fees collected by the Unit, as well as any settlement recoveries of the Unit. It is largely used to pay the non-personnel expenses of DOJ’s Investor Protection Unit, which is a part of DOJ’s Fraud and Consumer Protection Division.
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Takes effect upon being signed into law