This is not the official budget document.

Budget Summary FY2010

Division of Banks
Data Current as of:  1/26/2010





FISCAL YEAR 2010 BUDGET SUMMARY ($000)
ACCOUNT FY2010
Conference
FY2010
Vetoes
FY2010
GAA
October
Budget
Reductions
Division of Banks 12,932 0 12,932 -116
Loan Originator Administration and Consumer Counseling Program Retained Revenue 5,000 0 5,000 -136
TOTAL    17,932 0 17,932 -252

Hide line item language

account description amount
DIVISION OF BANKS 17,931,502
 
Direct Appropriations
7006-0010 Division of Banks
For the operation of the division of banks; provided, that notwithstanding any general or special law to the contrary, 100 per cent of the amount appropriated in this item shall be assessed upon financial institutions which the division currently regulates pursuant to powers granted to the division by the general or special laws or by regulations; and provided further, that this assessment shall be in addition to any assessments that the division currently assesses upon financial institutions and shall be made at a rate sufficient to produce $12,931,502 in additional revenue that shall pay for this item
12,931,502

account description amount
Retained Revenues
7006-0011 Loan Originator Administration and Consumer Counseling Program Retained Revenue
For the costs incurred by the division of banks associated with licensure of loan originators pursuant to chapter 255F of the General Laws; provided, that the division may expend revenues in an amount not to exceed $5,000,000 from the revenue received from administrative fees associated with said licensure fees and from civil administrative penalties pursuant to said chapter 255F; provided further, that the division may expend from such revenue an amount to be determined by the commissioner of banks as grants for the operation of a pilot program for best lending practices, first-time homeowner counseling for non-traditional loans and 10 or more foreclosure education centers pursuant to section 16 of chapter 206 of the acts of 2007 and that the grants shall be awarded through a competitive application process under criteria created by the division and that no funds shall be expended from this item in the AA object class for the compensation of state employees for such program; and provided further, that notwithstanding any general or special law to the contrary, for the purpose of accommodating timing discrepancies between the receipt of revenues and related expenditures, the commissioner may incur expenses and the comptroller may certify for payment the amounts not to exceed the lower of this authorization or the most recent revenue estimate, as reported in the state accounting system
5,000,000