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Senate advances securities‑law overhaul with fund for investor education
Summary
Senate Bill 19, a substitute to the Uniform Securities Act, was presented in committee of the whole; the Division of Securities described a new consumer education fund to use administrative fines for investor education and enforcement funding, and the bill advanced to later consideration.
Senate substitute Bill 19, presented as a comprehensive update to Utah's securities statute, received a detailed floor presentation and was taken into a committee of the whole for Q&A with John Baldwin of the Division of Securities.
Baldwin described a multi‑year drafting effort with industry and regulator input and said the bill balances economic development and investor protection. He described a consumer education fund as a central feature: administrative fines and penalties would be assigned to an account the legislature could allocate "for the purpose of assigning administrative fines and penalties into an account which would then be allocated by the legislature to go specifically into an investor education program," he said.
Committee members pressed Baldwin on implementation and fiscal notes. Baldwin answered that the initial fiscal request (reported in committee papers) would be modest — an initial appropriation of roughly $91,000 was referenced as a beginning and the fund would supplement education by contracting for public‑service campaigns, brochures, and outreach.
The committee dissolved after questions and the bill was reported favorably and placed on the third‑reading calendar; committee and floor speakers noted the bill's aim to strengthen enforcement tools and improve investor education without dramatically expanding licensing burdens.
