House Engrossed

State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012

CHAPTER 238

HOUSE BILL 2340

 

AN ACT

 

Amending title 35, Arizona Revised Statutes, by adding chapter 9; relating to trust funds.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1.  Title 35, Arizona Revised Statutes, is amended by adding chapter 9, to read:

CHAPTER 9

TRUST FUNDS

ARTICLE 1.  GENERAL PROVISIONS

START_STATUTE35-1101.  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. END_STATUTE

 

 

 

 

APPROVED BY THE GOVERNOR APRIL 11, 2012.

 

FILED IN THE OFFICE OF THE SECRETARY OF STATE APRIL 12, 2012.