Bill > SB14

This bill establishes a "Securities Violations Restitution Assistance Act" to provide financial aid to victims of securities fraud in West Virginia, creating a dedicated "Securities Restitution Operating Fund" for this purpose. The bill allows up to three percent of collected gross assessments and fees from individuals or entities found to have violated securities laws to be deposited into this fund. Victims who have been awarded restitution in a final order (meaning a court or the West Virginia securities commissioner has issued a decision that is no longer subject to appeal) and have not received the full amount are eligible to apply for assistance. The assistance can cover up to $25,000 or 25% of the unpaid restitution, with higher limits of $50,000 or 50% for vulnerable individuals (those 65 or older or receiving certain public assistance). The bill also outlines conditions under which restitution assistance cannot be awarded, such as if the victim participated in or profited from the violation, and establishes subrogation rights for the commissioner to recover funds from those who caused the loss. The commissioner can suspend or prorate payments if the fund balance drops below $250,000, and awards are generally protected from creditors except for those acting on behalf of the state.

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http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=14&year=2026&sessiontype=RS&btype=bill