Sec. 14.7. (a) The securities rating
settlement fund is established for the purpose of depositing and distributing money received under a multistate agreement related to
litigation concerning the rating processes used by Standard & Poor’s Financial Services and McGraw Hill Financial, Inc.
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Terms Used In Indiana Code 4-12-1-14.7
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(c) The fund shall be administered by the budget agency. Money in the fund at the end of the state fiscal year does not revert to the state general fund.
(d) Money deposited into the fund shall be distributed by the state comptroller as follows:
(1) Sixty-seven and sixty-seven hundredths percent (67.67%) shall be transferred to the state general fund.
(2) Sixteen and one hundred sixty-five thousandths percent (16.165%) shall be transferred to the securities division enforcement account established by IC 23-19-6-1.
(3) Sixteen and one hundred sixty-five thousandths percent (16.165%) shall be transferred to the agency settlement fund established by IC 4-12-16-2.
As added by P.L.213-2015, SEC.45. Amended by P.L.201-2018, SEC.1; P.L.9-2024, SEC.78.
