printer friendly

Home > Housing and Economic Development > Banks - Budget Summary

Division of Banks
Data Current as of: 8/10/2018

FISCAL YEAR 2019 BUDGET SUMMARY ($000)
ACCOUNT		FY2019 Conference	FY2019 Vetoes	FY2019 Overrides	FY2019 GAA
7006-0010	Division of Banks	18,508	0	0	18,508
7006-0011	Loan Originator Administration and Consumer Counseling Program	2,050	-500	500	2,050
TOTAL		20,558	-500	500	20,558

Hide line item language

account	description	amount
DIVISION OF BANKS		20,557,880

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, the division shall assess 100 per cent of the amount appropriated in this item and the associated fringe benefits costs for personnel paid from this item upon financial institutions which the division currently regulates under section 2 of chapter 167 of the General Laws	18,507,880

account	description	amount
Retained Revenues
7006-0011	Loan Originator Administration and Consumer Counseling Program 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 of not more than $2,050,000 from the revenue received from administrative fees associated with the licensure fees and from civil administrative penalties collected under said chapter 255F; provided further, that not less than $500,000 shall be expended by the commissioner of banks as grants for the operation of a program for best lending practices, first-time homeowner counseling for nontraditional loans and at least 10 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 using criteria established by the division; provided, that the division may expend revenues of not more than $1,550,000 from the revenue received from administrative fees associated with the licensure fees and from civil administrative penalties collected under said chapter 255F ; and provided further, that for the purpose of accommodating timing discrepancies between the receipt of retained revenues and related expenditures, the division may incur expenses and the comptroller may certify for payment amounts not to exceed the lower of this authorization or the most recent revenue estimate as reported in the state accounting system	2,050,000

account	description	amount

top of page link