OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-7141

AN ACT CONCERNING SECURED AND UNSECURED LENDING.

AMENDMENT

LCO No.: 8212

File Copy No.: 190

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 amendment strikes the underlying bill and its associated fiscal impact. The amendment replaces the bill with language that 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 amendment 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.

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.

Sources:

Core-CT Financial Accounting System