7006-0011 - Loan Originator Administration and Consumer Counseling Program Retained Revenue

Account	Description	FY2008 GAA	FY2009 House 2
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 under 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 these licensure fees and from civil administrative penalties pursuant to this chapter; provided further, that $2,000,000 shall be expended from this revenue 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 under section 16 of chapter 255F 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 this 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	0	5,000,000

Established appropriation to fund new initiative.

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