Fiscal Note - State of Utah - 2014 General Session
HB0047 - Deferred Deposit Loan Amendments
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill could increase examination time by 1,200 hours industry wide for the Department of Financial Institutions. Beginning FY 2015, this increase in examination time could produce revenue to the General Fund Restricted - Financial Institutions Acount by $66,000. The cost of this bill for FY 2015 could be $89,000, equal to 3/4 FTE for one year and start-up costs. The ongoing cost of this bill could be $113,400, equal to 1 FTE for one year.
| State Budget Detail Table | FY 2014 | FY 2015 | FY 2016 |
| Revenue: | |||
| General Fund Restricted | $0 | $66,000 | $66,000 |
| Total Revenue | $0 | $66,000 | $66,000 |
| Expenditure: | |||
| General Fund Restricted | $0 | $113,400 | $113,400 |
| General Fund Restricted | $0 | ($24,400) | $0 |
| Total Expenditure | $0 | $89,000 | $113,400 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($23,000) | ($47,400) |
| Net Impact, General/Education Funds (Rev.-Exp.) | $0 | $0 | $0 |
Local Governments (UCA 36-12-13(2)(c)):
Enactment of this bill likely will not result in direct, measurable costs for local governments.
Direct Expenditures by Utah Residents and Businesses (UCA 36-12-13(2)(d)):
Enactment of this bill would require deferred deposit lenders to pay a fee, up to $1, for each query of the deferred deposit database authorized in this bill. Deferred deposit lenders could see an increase in fees payable to the Department of Financial Institutions for increased examination time charged to them. Beginning FY 2015, this increase could be $66,000 industry-wide. The individual cost is commensurate with the number of hours per examination, multiplied by $55 per hour as outlined in statute.
Performance Note Required? (Joint Rule 4-2-404): Yes
| 1/22/2014, 8:35:55 AM, Lead Analyst: King, Z./Attny: PO | Office of the Legislative Fiscal Analyst |