OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-205

AN ACT MAKING MINOR AND TECHNICAL CHANGES TO REAL ESTATE APPRAISER AND APPRAISAL MANAGEMENT COMPANY DEFINITIONS AND STATUTES.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 15 $

FY 16 $

Consumer Protection, Dept.

GF - Revenue Gain

25,000

10,000

Municipal Impact: None

Explanation

The bill results in a revenue gain to the state of approximately $25,000 in FY 15 and $10,000 in FY 16. The revenue is the result of fees required of schools offering courses in real estate appraisal. There are currently 50 such schools in Connecticut.

In FY 15 the schools would be required to pay a one-time $100 application fee, a $200 biennial registration fee and $100 for each approved course which is paid annually. On average each school offers two approved courses. In FY 16 only the fee for the approved courses would apply.

The Out Years

In FY 17 fees would be paid for approved courses and the biennial $200 registration fee which combined would total $20,000. The annualized ongoing fiscal impact identified above would continue into the future subject to the number of applicants and approved courses.