FY 2016 Appropriation

The Residential Mortgage Loan Education, Research and Recovery Fund is an expendable revenue fund established to satisfy claims against licensees under the Residential Mortgage Loan statutes for fraud, misrepresentation or deceit. The Division of Real Estate uses funds in excess of claims up to $100,000 to advance education and research in the field of residential mortgage loans. Funds in excess of $100,000 lapse to the General Fund at the end of the fiscal year.

Funding History
Appropriation Overview

During the 2015 General Session, the Legislature appropriated for Fiscal Year 2016, $220,000 from all sources for Residential Mortgage Loan Education, Research, and Recovery Fund. This is a 0 percent change from Fiscal Year 2015 revised estimated amounts from all sources.

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COBI contains unaudited data as presented to the Legislature by state agencies at the time of publication. For audited financial data see the State of Utah's Comprehensive Annual Financial Reports.