70060011 - Loan Originator Administration and Consumer Counseling Program

Account Description FY2018
Spending		 FY2019
GAA
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

 2,300,000 2,050,000

Veto Explanation:   I am striking language which earmarks funding for a program not recommended. The reduction in the item incorporates the amount of the stricken earmarked funds.