HB1528 Summary

• Repeals the requirement that $2,000,000 of taxes collected on bank and financial corporations be deposited annually to the compliance resolution fund by June 30 of each fiscal year.

• Establishes new criteria for calculating fees and assessments for financial institutions and professional/vocational licensees, basing assessments on proposed budgets minus existing fund balances and anticipated revenues.

• Sets cable operator annual fees at 4.5% of income received from subscribers for cable services, with authority for the director to reduce fees if they exceed administrative costs.

• Provides for automatic reduction or cessation of fees or interest payments to recovery and education funds (mortgage loan, contractors recovery, real estate recovery, and condominium education funds) when fund balances reach specified dollar thresholds.

• Establishes specific fund threshold amounts at which fee collection ceases and resumes based on account balances, including $750,000 for mortgage loan recovery fund, $170,893 for contractors recovery fund, and $607,819 for condominium education fund.