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Minutes for HB2135 - Committee on Insurance and Pensions
Short Title
Establishing the securities act victim restitution program.
Minutes Content for Mon, Feb 1, 2021
The Chairperson opened the hearing on HB2135 and asked Eileen Ma, Assistant Revisor, Office of the Revisor of Statutes, to provide an overview of the bill. Ms. Ma responded to Committee questions.
The Chairperson asked Melissa Renick, Assistant Director for Research, Kansas Legislative Research Department, to provide an overview of the fiscal note. Ms. Renick and Ms. Ma responded to Committee questions regarding the fiscal note.
Lee Modesitt, Director of Government Affairs and Communication with the Kansas Insurance Department, testified in support of the bill. He stated that the bill would establish the securities act victim restitution fund to help Kansas victims of securities fraud (and other violations) recover some of their losses when the perpetrators of securities fraud are unable to pay ordered restitution. Mr. Modesitt explained that the money for the victim restitution fund would come from monetary settlements of state securities law enforcement matters; no taxpayer money would be used. He summarized by stating that, should HB2135 become law, the intent would be to adopt rules and an application process by the end of the calendar year to implement the program. Mr. Modesitt responded to Committee questions. (Attachment 5)
After asking if there were any other conferees and seeing none, Chairperson Johnson closed the hearing on HB2135.
