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70060011 - Loan Originator Administration and Consumer Counseling Program Retained Revenue
Data Current as of: 6/22/2009
| Account | Description | FY2009 GAA |
FY2009 Total Spending |
|---|---|---|---|
| 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 $2,000,000 shall be expended from such 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 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 | 5,000,000 |
| SPENDING CATEGORY |
FY2005 Expended |
FY2006 Expended |
FY2007 Expended |
FY2008 Expended |
FY2009 GAA |
FY2009 Budget Reductions |
|---|---|---|---|---|---|---|
| Wages & Salaries | 0 | 0 | 0 | 454 | 2,450 | 0 |
| Employee Benefits | 0 | 0 | 0 | 74 | 149 | 0 |
| Operating Expenses | 0 | 0 | 0 | 647 | 401 | 0 |
| Grants & Subsidies | 0 | 0 | 0 | 2,000 | 2,000 | 0 |
| TOTAL | 0 | 0 | 0 | 3,174 | 5,000 | 0 |
FY2009 Spending Category Chart
EARMARK DESCRIPTION |
City / Town |
FY2009 GAA |
FY2009 9C Cuts |
|---|---|---|---|
| Pilot program for best lending practices, first-time homeowner counseling and ten or more foreclosure education centers | Statewide | 2,000,000 | 0 |