OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5353

AN ACT CONCERNING MORTGAGE SERVICERS, CONNECTICUT FINANCIAL INSTITUTIONS, CONSUMER CREDIT LICENSES, THE FORECLOSURE MEDIATION PROGRAM AND MINOR REVISIONS TO THE BANKING STATUTES.

AMENDMENT

LCO No.: 4518

File Copy No.: 363

House Calendar No.: 237


OFA Fiscal Note

State Impact: See Below

Municipal Impact: None

Explanation

The amendment ends the Judicial Department Foreclosure Mediation Program after FY 16 and eliminates the FY 17 and FY 18 Banking Fund cost to the Judicial Department, $6.7 million and $7.2 million respectively, in the underlying bill.

There may be a General Fund cost of less than $1,000 in both FY 15 and FY 16 to those agencies participating in the Commission of Connecticut's Leadership in Corporation and Business Law established by the amendment to reimburse legislators and agency staff for mileage.

There may be a Banking and General Fund cost of less than $1,000 in FY 15 to those agencies participating in the task force to study reverse mortgage transactions established by the amendment to reimburse legislators and agency staff for mileage.

The amendment also makes additional technical and clarifying changes that have no fiscal impact.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.