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

100,000

11,000

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The requirements of the bill can be achieved at a one-time cost of $100,000 for consulting and data conversion. An ongoing cost of $11,000 per year would occur for services provided by the Department of Information Technology.

The Out Years

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