OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-948

AN ACT CONCERNING IMPLEMENTATION OF THE S. A. F. E MORTGAGE LICENSING ACT.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10 $

FY 11 $

Banking Dept.

BF - Cost

2. 0 million

100,000

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The bill results in a cost to the department of Banking of approximately $2. 0 million in FY 10 due to the development of a computer licensing system. Costs will include personnel, programming and hardware. Ongoing maintenance cost of $100,000 will occur beginning in FY 11.

The Out Years

The annualized ongoing fiscal impact for FY 11 identified above would continue into the future subject to inflation.