HB2900 Summary

• Increases the threshold for the department revolving fund from $200,000 to $700,000 before excess monies are transferred to the department receivership revolving fund under section 6-135.

• Removes the requirement that monies in the data processing acquisition fund revert to the state general fund when exceeding $250,000, making the fund non-lapsing.

• Establishes a new fraud unit assessment fund (section 20-466.05) to receive and continuously appropriate monies from insurer assessments up to $1,050 per insurer for fraud unit operations.

• Amends the microbusiness loan program to extend it beyond fiscal year 2023-2024 and transfer any unexpended monies to the general fund after June 30, 2025.

• Effective date for fraud unit provisions is June 30, 2025.