AR HB1114

Establishes maximum of 39 regular employees for the State Securities Department for fiscal year 2014-2015, including 1 Securities Commissioner at $104,936 annually and positions ranging from deputy commissioners to administrative specialists.

Appropriates $3,391,385 from the Securities Department Fund for personal services ($2,015,118 in regular salaries, $16,000 for extra help, $635,123 for personal services matching) and operating expenses including maintenance, conferences, travel, professional fees, and contingency funds.

Appropriates $500,000 from cash funds for refunds and reimbursements and $113,500 from the Investor Education Fund for operating expenses, promotional items, and investor education grants.

Authorizes up to 2 temporary or part-time employees and allows the Securities Commissioner to request approval for transfers of contingency appropriations up to $200,000 to other line items with approval from the Governor, Chief Fiscal Officer, and Arkansas Legislative Council or Joint Budget Committee.

Requires quarterly reports to the Arkansas Legislative Council or Joint Budget Committee detailing all funds received from court orders or settlement agreements, including case names, amounts, disbursement plans, and current fund balances, effective July 1, 2014 through June 30, 2015.