OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-13

AN ACT CONCERNING REAL ESTATE APPRAISAL MANAGEMENT COMPANIES.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 11 $

FY 12 $

Consumer Protection, Dept.

GF - Revenue Gain

50,000

50,000

Note: GF=General Fund

Municipal Impact: None

Explanation

The bill results in an estimated revenue gain of $50,000 due to the imposition of a $1,000 initial application fee and subsequent renewals for appraisal management companies with the Department of Consumer Protection (DCP). An additional revenue gain may occur through the imposition of civil penalties on appraisal management companies by DCP.

The Out Years

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