OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-906

AN ACT CONCERNING LEAD GENERATORS OF RESIDENTIAL MORTGAGE LOANS.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Banking Dept.

BF - Potential Revenue Gain

12,500 - 17,500

12,500 - 17,500

Note: BF=Banking Fund

Municipal Impact: None

Explanation

The bill establishes a new licensure category called a lead generator license. This is anticipated to result in annual revenue to the Banking Fund of between $12,500 and $17,500. The annual cost of a lead generator license (initial and renewal) is $500 and between 25 and 35 individuals are anticipated to apply for the license.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to the number of licenses.