This is not the official budget document.

Budget Summary FY2012

70060011 - Loan Originator Administration and Consumer Counseling Program Retained Revenue
Data Current as of:  7/11/2011





Account Description FY2011
Spending
FY2012
GAA
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 $2,650,000 from the revenue received from administrative fees associated with the 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 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 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
2,650,000 2,650,000