OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-928

AN ACT CONCERNING PRECIOUS METALS OR STONES DEALERS.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Department of Emergency Services and Public Protection

GF - Potential Revenue Gain

Less than $10,000

Less than $10,000

Municipal Impact: None

Explanation

The bill, which makes changes to the information that precious metals and stones dealers must collect and retain, is expected to result in a potential revenue gain of less than $10,000 arising from a $1,000 fine for violations of the new requirements. The revenue gain from fines is expected to be less than $10,000 as violations of similar regulations for pawn brokers have generated less than $1,000 in revenue since 2001.

The Out Years

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