Deposit, use and disposition of money; Commissioner to administer account.
1. Except as otherwise provided by law, any money appropriated to the Commissioner or the Division of Financial Institutions and any money collected by the Commissioner or Division pursuant to law:
(a) Must be deposited in the State Treasury and accounted for separately in the State General Fund; and
(b) May only be used to:
(1) Carry out the programs and laws administered by the Commissioner and the Division; and
(2) Pay the expenses related to the operations of the Commissioner and the Division.
2. Except as otherwise provided by law, any money that remains in the account at the end of the fiscal year does not revert to the State General Fund, and the balance of the account must be carried forward to the next fiscal year.
3. The Commissioner shall administer the account. Any interest or income earned on the money in the account must be credited to the account, after deducting any applicable charges. Any claims against the account must be paid as other claims against the State are paid.
Last modified: February 26, 2006