OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-283

AN ACT CONCERNING THE BANKING LAWS, THE UNIFORM COMMERCIAL CODE, THE ELECTRONIC FUND TRANSFER ACT AND MORTGAGORS IN GOOD STANDING.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 15 $

FY 16 $

Banking Dept.

BF - Savings

less than 500

less than 500

Municipal Impact: None

Explanation

The bill results in a savings of less than $500 to the Department of Banking as it allows service of process to be made by certified mail, return receipt requested. Current law requires costlier methods of mailing. The estimate is based on the FY 13 number of service of process mailings (37) and an average postage savings of $11 per mailing.

The bill makes other changes that have no fiscal impact on the Department of Banking.

The Out Years

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