Agency: Restricted Account Transfers - EOCJ

Line Item: GFR - Mortgage and Financial Fraud Investigation and Prosecution

Background

Senate Bill 281 during the 2012 General Session created the Mortgage and Financial Fraud Unit within the Office of the Attorney General to investigate and prosecute mortgage and other financial fraud throughout the state. The bill also created the Mortgage and Financial Fraud Investigation and Prosecution Restricted Account.

Funding Detail

In conjunction with the creation of the Financial Fraud Unit and the restricted account referenced above, S.B. 281 appropriated $2 million in one-time funding to the restricted account. Accompanying intent language provided nonlapsing authority for this appropriation, it is included above.

The $2 million for this appropriation originated as part of the foreclosure fraud settlement agreement between the United States Justice Department, United States Department of Housing and Urban Development, and a bipartisan group of state attorneys general, including Utah's attorney general, Bank of America, Citi, JP Morgan Chase, GMAC, and Wells Fargo announced in February 2012.