35-1101. Legislative consideration; funds; trust status; report; requirements
A. A statutory fund established prior to the effective date of this section may not be reclassified as a fund held in trust unless the fund under consideration meets the following factors:
1. Serves at least one of the following purposes:
(a) Protects public health or safety.
(b) Provides consumer protection by ensuring quality standards of an industry.
(c) Provides research grants for projects designed to further the purposes of the program.
2. Is for a program that meets both of the following requirements:
(a) Is funded primarily by industry fees assessed on a specified group of people and designated for a particular purpose.
(b) Has independent industry council review of the program budget and fees.
B. Any legislative standing committee considering legislation to reclassify a statutory fund to a fund held in trust shall affirm that the fund seeking reclassification meets the factors outlined in subsection A.
Section: Previous 35-912 35-913 35-1001 35-1002 35-1003 35-1004 35-1005 35-1101 35-1201 35-1202 35-1203 35-1204 35-1205 35-1206 35-1207 NextLast modified: October 13, 2016