5-6-204. Cash fund created - definition - repeal.
270 words·~1 min read·
/co/title-5-consumer-credit-code/article-6-administration/5-6-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)All fees collected under this code and under article 10 of this title 5 prior to July 1, 2024, shall be credited to the uniform consumer credit code cash fund, which is created and referred to in this section as the "fund", and all money credited to the fund shall be used for the administration and enforcement of this code and articles 10 and 19 of this title 5. Interest earned on the fund shall be credited to the fund. The general assembly shall make annual appropriations out of the fund for the administration and enforcement of this code and articles 10 and 19 of this title 5; except that expenditures by the administrator for consumer and creditor education resulting from the penalties provided in sections 5-2-303 (7)(f), 5-6-109 (1), 5-6-110, and 5-6-114
(2)shall not require appropriation by the general assembly if the expenditures do not exceed twenty-five thousand dollars per fiscal year and do not include the hiring of any full-time equivalents.
(b)On September 30, 2024, the state treasurer shall transfer the unexpended and unencumbered balance of the uniform consumer credit code cash fund to the consumer credit unit cash fund created in section 5-2-302 (11).
(c)This subsection
(1)is repealed, effective July 1, 2026.
(1.5) On and after July 1, 2024, the state treasurer shall credit all fees collected under this article 6 to the consumer credit unit cash fund created in section 5-2-302 (11).
(2)and
(3)Repealed.
(4)Notwithstanding subsection
(1)of this section, the state treasurer shall transfer the penalties collected pursuant to section 5-6-114 (1)(a) to the general fund.