Sec. 4. (a) The accountant investigative fund is established to provide funds for administering and enforcing the provisions of this article, including investigating and taking enforcement action against violators of this article. The fund shall be administered by the Indiana professional licensing agency.
(b) The expenses of administering the fund shall be paid from the money in the fund. The fund consists of:
(1) money from a fee imposed upon a person who holds a certificate as an accounting practitioner, a CPA, or a PA under IC 25-2.1-2-12(b);
(2) civil penalties collected under IC 25-2.1-13-3(b); and
(3) civil penalties collected under IC 25-1-11-12.
(c) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested.
(d) Money in the fund at the end of a state fiscal year does not revert to the state general fund. However, if the total amount in the fund exceeds one million dollars ($1,000,000) at the end of a state fiscal year after payment of all claims and expenses, the amount that exceeds one million dollars ($1,000,000) reverts to the state general fund.
(e) Money in the fund is continually appropriated to the Indiana professional licensing agency for its use in administering and enforcing this article and conducting investigations and taking enforcement action against persons violating this article.
(f) The attorney general and the Indiana professional licensing agency may enter into a memorandum of understanding to provide the attorney general with funds to conduct investigations and pursue enforcement action against violators of this article.
(g) The attorney general and the Indiana professional licensing agency shall present the memorandum of understanding annually to the board for review.
As added by P.L.190-2007, SEC.14. Amended by P.L.112-2014, SEC.20.