Budget Amendment ID: FY2019-S4-684-R1

Redraft ECO 684

Foreclosure Prevention

Messrs. Eldridge and Hinds, Ms. L'Italien, Messrs. Collins, O'Connor and Welch moved that the proposed new text be amended in section 2, by striking out item 7006-0011 and inserting in place thereof the following item:-

“7006-0011 For the costs incurred by the division of banks associated with licensure of loan originators pursuant to chapter 255F of the General Laws; provided, that the division may expend revenues of not more than $2,050,000 from the revenue received from administrative fees associated with the licensure fees and from civil administrative penalties collected pursuant to said chapter 255F; provided further, that not less than $500,000 shall be expended by the commissioner of banks as grants for the operation of a program for best lending practices, first-time homeowner counseling for non-traditional loans and 10 or more foreclosure education centers pursuant to section 16 of chapter 206 of the acts of 2007 and that the grants shall be awarded through a competitive application process using criteria established by the division; and provided further, that for the purpose of accommodating timing discrepancies between the receipt of retained revenues and related expenditures, the division may incur expenses and the comptroller may certify for payment amounts not to exceed the lower of this authorization or the most recent revenue estimate as reported in the state accounting system............................................$2,050,000”.