OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-7019

AN ACT CONCERNING THE DEPARTMENT OF BANKING'S ENFORCEMENT AUTHORITY, THE ISSUANCE OF CERTAIN REPORTS, REQUIRING THE RETURN OF CERTAIN PORTIONS OF SECURITY DEPOSITS AND MAKING MINOR REVISIONS TO THE BANKING STATUTES.

AMENDMENT

LCO No.: 8538

File Copy No.: 182

House Calendar No.: 151


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 18 $

FY 19 $

Banking Dept.

GF - Potential Revenue Gain

See Below

See Below

Various State Agencies

GF - Potential Cost

Less than $1,000

 

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment strikes the underlying bill, and its associated fiscal impact, and replaces it with language whose fiscal impact is detailed below. Section 16 authorizes the Banking Commissioner to impose a fine of up to $100,000 per violation on any person who engages in dishonest or unethical practices. To the extent that this change results in additional fines, the amendment may result in a revenue gain to the General Fund.

Section 17 requires landlords to return a portion of security deposits if requested by certain tenants over sixty-two years of age, which does not result in a fiscal impact to the state or municipalities.

Section 18 establishes a taskforce to study methods to prevent the issuance of mortgages to persons with excessive blight fines or who are in violation of nuisance abatement laws. There may be a cost of less than $1,000 in FY 18 to those agencies participating in the task force to reimburse legislators and agency staff for mileage expenses, currently at 53.5 cents/mile.

Section 19 requires the Department of Banking to submit a report to the General Assembly on the implementation of the Student Loan Ombudsman, which has no fiscal impact as the Department has the expertise to provide the report.

Section 20, which requires the Departments of Housing and Banking to conduct a study concerning the development of a lead abatement interest rate reduction program, has no fiscal impact as the agencies have the expertise to complete the study.

Additionally, the amendment makes other 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.