To reduce the available balance in the recovery fund below the statutory limit of $25 million, the bureau should continue its plans to address the collection of the recovery fund assessment.
The Bureau is including a copy of the regulatory language that went into effect on January 1, 2015 reducing the STRF assessment to $0.00 as Attachment #22.
The Bureau is continuing to work with DCA Legal to draft regulations to supsend collection of STRF payments. Senate Bill 1247 would make significant changes to STRF. The bill would require, among other changes, the Bureau resume collecting STRF when the fund falls below $20 million and would allow STRF claims despite an institution not having paid any STRF assessment. (See Attachment #12,p4)
The Bureau is working with DCA Legal to draft regulations to suspend collection of STRF payments. This is the responsibility of the Bureau Chief.
Agency responses received are posted verbatim.