OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-163

AN ACT PROVIDING PROTECTIONS FOR CONSUMERS APPLYING FOR REVERSE MORTGAGES.

OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The bill adds protections to consumers applying for reverse mortgages. The bill results in no fiscal impact to the Department of Banking as it concerns the interactions between private entities and individuals. It is anticipated that few complaints will be acted upon by the Department of Consumer Protection (DCP) and therefore the bill results in no fiscal impact to the DCP.

The Out Years

State Impact: None

Municipal Impact: None