Fiscal Note - State of Utah - 2012 General Session
HB0066 - Deferred Deposit Lending Amendments
State Government (UCA 36-12-13(2)(b)):
Enactment of this bill increases estimated examination time by 1,800 hours industry wide for the Department of Financial Institutions. This increase in examination hours produces approximately $52,300 in revenue to the General Fund Restricted - Financial Institutions Account in FY 2013 and $99,000 of revenue in FY 2014. The cost of this bill for FY 2013 is $56,600, equal to compensation costs of 1 FTE for 1/2 year. The ongoing cost of this bill is $101,100, equal to one year compensation for 1 FTE.
| State Budget Detail Table | FY 2012 | FY 2013 | FY 2014 |
| Revenue: | |||
| General Fund Restricted | $0 | $52,300 | $99,000 |
| Total Revenue | $0 | $52,300 | $99,000 |
| Expenditure: | |||
| General Fund Restricted | $0 | $56,600 | $101,100 |
| Total Expenditure | $0 | $56,600 | $101,100 |
| Net Impact, All Funds (Rev.-Exp.) | $0 | ($4,300) | ($2,100) |
| 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)):
Deferred Deposit Lenders will see an increase in fees payable to the Department of Financial institutions due to the increased examination time charged to them. This increase will be $52,300 in FY 2013 and $99,000 in FY 2014 industry wide. The individual cost is commensurate with the number of hours per examination, multiplied by $55 per hour as outlined in statute.
| 2/1/2012, 5:41:01 PM, Lead Analyst: King, Z./Attny: PO | Office of the Legislative Fiscal Analyst |