(a) In this section, "Fund" means the Health Care Regulatory Fund.
(b) There is a Health Care Regulatory Fund.
(c) The purpose of the Fund is to pay all costs and expenses incurred by
the Administration related to the implementation of § 2-303.1 of this
title and Title 15, Subtitles 10A, 10B, and 10C of this article.
(d) The Fund shall consist of:
(1) all revenue deposited into the Fund that is received through the
imposition and collection of the health care regulatory assessment
under § 2-112.2 of this subtitle; and
(2) income from investments that the State Treasurer makes for the Fund.
(e) (1) Expenditures from the Fund to cover the costs and expenses for the
implementation of § 2-303.1 of this title and Title 15, Subtitles
10A, 10B, and 10C of this article may only be made:
(i) with an appropriation from the Fund approved by the General Assembly in
the annual State budget; or
(ii) by the budget amendment procedure provided for in § 7-209 of the
State Finance and Procurement Article.
(2) (i) If, in any given fiscal year, the amount of the health care regulatory
assessment revenue collected by the Commissioner and deposited into the
Fund exceeds the actual expenditures incurred by the Administration for
the implementation of § 2-303.1 of this title and Title 15, Subtitles
10A, 10B, and 10C of this article, the excess amount shall be carried
forward within the Fund for the purpose of reducing the assessment
imposed by the Administration for the following fiscal year.
(ii) If, in any given fiscal year, the amount of the health care regulatory
assessment revenue collected by the Commissioner and deposited into the
Fund is insufficient to cover the actual expenditures incurred by the
Administration to implement § 2-303.1 of this title and Title 15,
Subtitles 10A, 10B, and 10C of this article because of an unforeseen
emergency and expenditures are made in accordance with the budget
amendment procedure provided for in § 7-209 of the State Finance and
Procurement Article, an additional health care regulatory assessment
may be made.
(f) (1) The State Treasurer is the custodian of the Fund.
(2) The Fund shall be invested and reinvested in the same manner as State
funds.
(3) The State Treasurer shall deposit payments received from the
Commissioner into the Fund.
(g) (1) The Fund is a continuing, nonlapsing fund and is not subject to §
7-302 of the State Finance and Procurement Article, and may not be
deemed a part of the General Fund of the State.
(2) No part of the Fund may revert or be credited to:
(i) the General Fund of the State; or
(ii) a special fund of the State, unless otherwise provided by law.
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