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Minutes for HB2558 - Committee on Insurance
Short Title
Establishing the securities act victim restitution program.
Minutes Content for Wed, Feb 12, 2020
The chairperson opened the hearing on HB 2558. Assistant Revisor of Statutes, Eileen Ma provided an overview of the bill (Attachment 13 )
Jeff Wagaman testified in support of the bill. He said the bill would provide a restitution fund to help Kansas victims of securities fraud when the perpetrators of the fraud were unable to pay the ordered restitution. The money for the fund would come from monetary settlements of securities law enforcement matters. The bill also asked for a one-time infusion of $250,000 in start-up money from the securities act fee fund (Attachment 14).
There were no opponents or neutral parties to the bill.
The members asked the conferee questions about the bill including: whether the bill was similar to the real estate restitution bill, the effective date, whether claims could be retroactive to the effective date of the bill, how the restitution fund would be funded, how the $250,000 start-up money amount was calculated, and what steps would be taken to recoup losses from the perpetrator prior to utilizing the restitution fund.
There being no other conferees or questions, the Chairperson closed the hearing on HB 2558
The meeting was adjourned at 4:35 p.m.
