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Division of Banks
| DEPARTMENT | FY 2009 Budgetary Recommendations |
FY 2009 Federal, Trust, and ISF |
FY 2009 Total Spending |
FY 2009 Budgetary Non-Tax Revenue |
|---|---|---|---|---|
| Division of Banks | 17,583 | 0 | 17,583 | 28,941 |
| account | description | amount |
|---|---|---|
| DIVISION OF BANKS | 17,582,991 | |
| Budgetary Direct Appropriations | ||
| 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 regulated by the division under general or special laws or regulations; and provided further, that the assessment shall be in addition to any and all assessments currently assessed upon financial institutions and shall be made at a rate sufficient to produce $12,582,991 in additional revenue to fund this item |
12,582,991 |
| 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 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 |
5,000,000 |
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