Sec. 35-5. Regulatory Fund.

360 words·~2 min read·/il/chapter-240/act-40/35-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Regulatory Fund is created as a trust fund in the State Treasury. The Regulatory Fund shall receive license, certificate, and extension fees under Sections 5-10, 5-15, and 5-20 and funds under subsection

(g)of Section 25-20 and shall pay expenses as set forth in this Article 35.

(b)Any funds received by the Director under Sections 5-10, 5-15, and 5-20 and funds disbursed for deposit to the Regulatory Fund under subsection

(g)of Section 25-20 shall be deposited with the Treasurer as ex officio custodian and held separate and apart from any public money of this State, with interest accruing on moneys in the Regulatory Fund deposited into the Regulatory Fund. Disbursement from the Fund for expenses as set forth in this Article 35 shall be by voucher ordered by the Director, accompanied by documentation satisfactory to the Treasurer and the Comptroller supporting the payment warrant drawn by the Comptroller and countersigned by the Treasurer. Moneys in the Regulatory Fund shall not be subject to appropriation by the General Assembly but shall be subject to audit by the Auditor General. Interest earned on moneys deposited into the Regulatory Fund shall be deposited into the Regulatory Fund.

(c)Fees deposited into the Regulatory Fund under Sections 5-10, 5-15, and 5-20 shall be expended only for the following program expenses of the Department;

(1)Implementation and monitoring of programs of the Department solely under this Code,

including an electronic warehouse receipt program.

(2)Employment or engagement of certified public accountants to assist in oversight and

regulation of licensees in the course of an intermediate or advanced examination under Section 1-15.

(3)Training and education of examiners and other Department employees in reference to

Department programs established to implement the Department's duties solely under the Code.

(d)Any expenses incurred by the Department in performance of its duties under Article 20 of the Code shall be reimbursed to the Department out of the net assets of a liquidation to the extent available under subsection

(g)of Section 25-20 and shall be deposited into the Regulatory Fund and shall be expended solely for program expenses under the Code.