1. (a)

   1. (1) In this section the following words have the meanings indicated.
   2. (2) “Board” means the State Board of Public Accountancy.
   3. (3) “Fund” means the State Board of Public Accountancy Fund.

2. (b)

   1. (1) There is a State Board of Public Accountancy Fund in the Department.
   2. (2) The Fund is a special, nonlapsing fund that is not subject to § 7-302 of the State Finance and Procurement Article.
3. (c) The Fund consists of fees collected by the Board and distributed to the Fund under § 2-209 of the Business Occupations and Professions Article.
4. (d) The Fund shall be used to cover the actual documented direct and indirect costs of fulfilling the statutory and regulatory duties of the Board.
5. (e) The Secretary or a designee of the Secretary shall administer the Fund.
6. (f) The Legislative Auditor shall audit the accounts and transactions of the Fund as provided in § 2-1220 of the State Government Article.

Added by Acts 2006, c. 156, § 1, eff. July 1, 2007.