HB1157 Summary

• Appropriates $3,547,475 from the Securities Department Fund for personal services and operating expenses for fiscal year 2019-2020, including $2,228,277 for regular salaries and $701,554 for personal services matching.

• Establishes maximum of 37 regular employees for the State Securities Department across 15 job classifications, ranging from Securities Commissioner (Grade SE02) to Administrative Specialist positions (Grade GS04).

• Authorizes up to 2 temporary or part-time "Extra Help" employees at rates not exceeding those in the Uniform Classification and Compensation Act, with $16,000 appropriated for this purpose.

• Appropriates $50,000 for refunds and reimbursements from cash funds 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 through court orders or settlement agreements, including case names, amounts, disbursement plans, and current fund balances.