Department of Financial Protection and Innovation: budget reports.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Chaptered
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires the Department of Financial Protection and Innovation to submit annual budget reports to the Legislature, Joint Legislative Budget Committee, Senate Banking and Financial Institutions Committee, and Assembly Banking and Finance Committee. These reports will detail the department’s revenues and expenditures related to specific financial laws it oversees, including fees, assessments, and other costs. The reports must also include the methods used to determine assessments and charges for laws that utilize a pro rata basis for cost recovery.
Key provisions
- Requires the Commissioner of Financial Protection and Innovation to submit annual budget reports.
- Reports must detail projected and actual revenues and expenditures for specific financial laws.
- Reports must include the difference between revenues and expenditures.
- Reports must specify the method for determining assessments and charges for laws using a pro rata cost recovery system.
- Reports must categorize revenues as ‘exam’ or ‘nonexam’.
- Nonexam revenues must be broken down into subcategories including annual assessment revenue, fees, and penalties.
- The first report is due on or before February 1, 2027, with subsequent reports due by March 1 each year.
Who is affected
- Department of Financial Protection and Innovation
- Legislature
- Joint Legislative Budget Committee
- Senate Banking and Financial Institutions Committee
Bill text
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Sponsors
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1 on record
Primary sponsor
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