Governor Deval Patrick's Budget Recommendation - House 1 Fiscal Year 2010

Governor's Budget Recommendation FY 2010

Division of Banks




Fiscal Year 2010 Resource Summary ($000)
DEPARTMENT FY2010
Budgetary
Recommendations
FY2010
Federal, Trust,
and ISF
FY2010
Total
Spending
FY2010
Budgetary
Non-Tax Revenue
Division of Banks 17,932 0 17,932 22,912

Hide line item language


account description amount
DIVISION OF BANKS 17,931,502
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, the division shall assess 100 per cent of the amount appropriated in this item upon financial institutions which the division currently regulates under section 2 of chapter 167 of the General Laws and section 24 of chapter 167B of the General Laws at a rate sufficient to produce $12,931,502 in revenue to fund this item
12,931,502
account description amount
Retained Revenues
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


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