Honorable Todd Hunter, Chair, House Committee on State Affairs
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB1899 by Meyer (Relating to increasing the criminal penalties for insider trading and other misuse of official information.), As Introduced
The bill would establish the penalty for the offense of misuse of official information as a third degree felony if the offense did not result in a net pecuniary gain or such a gain was less than $150,000, a second degree felony if the net pecuniary gain was $150,000 or more but less than $300,000, or a first degree felony if the net pecuniary gain was $300,000 or more.
Increasing the penalty for an existing offense may result in additional demands upon state and local correctional resources due to a possible increase in the number of individuals placed under supervision in the community or sentenced to a term of confinement and a possible increase in the length of stay for individuals sentenced to a term of confinement.
In fiscal year 2022, there were seven individuals arrested, one individual placed onto adult community supervision, and no individuals admitted to an adult state correctional institution for the offense of misuse of official information.
It is assumed that any impact on state correctional populations or on the demand for state correctional resources would not be significant.