Governor Charles D. Baker's Budget Recommendation - House 1 Fiscal Year 2016

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Division of Banks




Fiscal Year 2016 Resource Summary ($000)
DEPARTMENT FY 2016
Budgetary
Recommendations
FY 2016
Federal, Trust,
and ISF
FY 2016
Total
Spending
FY 2016
Budgetary
Non-Tax Revenue
Division of Banks 19,977 525 20,502 29,341

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account description amount
DIVISION OF BANKS 20,501,641
Budgetary Direct Appropriations 19,976,641
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
17,501,641

account description amount
Retained Revenues
7006-0011 Loan Originator Administration and Consumer Counseling Program
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 $2,475,000 from the revenue received from administrative fees associated with licensure fees and from civil administrative penalties under chapter 255F; provided, that funds in this item may 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 206 of the acts of 2007; 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
2,475,000
account description amount
Trust and Other Spending 525,000
7006-0041 Mortgage Loan Settlement Trust 500,000
7006-0044 Consumer Bond Claim Expendable Trust 25,000


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