HB 1074 Summary

• Establishes 37 maximum regular employees for the State Securities Department for fiscal year 2018-2019, including positions such as Securities Commissioner, Deputy Commissioner, attorneys, and examiners at specified salary grades.

• Appropriates $3,209,670 from the Securities Department Fund for personal services and operating expenses, including $1,930,704 for regular salaries, $626,322 for personal services matching, and $616,644 for maintenance and general operations.

• Authorizes up to 2 temporary or part-time extra help employees at rates not exceeding those in the Uniform Classification and Compensation Act.

• Appropriates $500,000 from cash funds for refunds and reimbursements and $168,500 from the Investor Education Fund for operating expenses, grants, and promotional items.

• Requires the State Securities Department to submit 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, with reports due by the 15th day following each quarter.