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

Account	Description	FY2009 GAA	FY2010 House 1
7006-0011	Loan Originator Administration and Consumer Counseling Program Retained Revenue The division of banks may expend for the costs associated with the licensure of loan originators under chapter 255F of the General Laws an amount not to exceed $5,000,000 from the revenue received from administrative fees associated with licensure fees and from civil administrative penalties under chapter 255F; provided, that no more than $2,000,000 shall be expended as competitive 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 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 department 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

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