OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-7141

AN ACT CONCERNING SECURED AND UNSECURED LENDING.

As Amended by House "A" (LCO 8212)

House Calendar No.: 159


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Banking Dept.

BF - Savings

less than $1,000

less than $1,000

Banking Dept.

GF - Potential Revenue Gain

See Below

See Below

Note: BF=Banking Fund; GF=General Fund

Municipal Impact: None

Explanation

The bill makes various changes to the banking laws including allowing certain notifications to be sent by electronic mail. To the extent that the number of notifications that are sent by registered or certified mail are reduced as result of the electronic mail option, savings to the Department of Banking (DOB) Other Expenses account for postage is anticipated to be less than $1,000 in the Banking Fund.

The bill also makes various statutory changes to increase uniformity with regard to all DOB license types. To the extent that this results in additional penalties from licensees engaging in fraudulent and deceptive practices, the amendment may result in a revenue gain to the General Fund.

House “A” strikes the original bill and its associated fiscal impact and replaces it with language that has the fiscal impact described above.

The Out Years

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

Sources:

Core-CT Financial Accounting System