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 TableFY 2012FY 2013FY 2014
General Fund Restricted$0$52,300$99,000
   Total Revenue$0$52,300$99,000
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: POOffice of the Legislative Fiscal Analyst