OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ¯ (860) 240-0200

http: //www. cga. ct. gov/ofa

HB-5296

AN ACT CONCERNING THE DEPARTMENT OF BANKING.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 07 $

FY 08 $

Banking Dept.

BF - Revenue Gain

Potential Minimal

Potential Minimal

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The bill includes business and industrial development corporation licensees to the list of licenses to which Connecticut's banking law applies. Under the bill business and industrial development corporation licensees are subject to penalties as a result of violation of banking law. In FY 05, the Banking Department collected $1,244,900 in penalties as a result of various violations. To the extent that the bill expands the scope of possible violators, it could result in a minimal revenue gain to the state.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation.