SB812 Summary

• Establishes operating budget for Department of Commerce and Consumer Affairs for fiscal biennium July 1, 2019 to June 30, 2021, covering cable television, financial services regulation, professional and vocational licensing, and insurance regulatory services programs.

• Appropriates funds from special funds (B), trust funds (T), and other federal funds (P) with specific allocations: Cable Television $2.6 million, Financial Services Regulation $5.2-5.5 million, Professional and Vocational Licensing $7.9-10.7 million, and Insurance Regulatory Services $19.4-21.4 million.

• Sets maximum fund balance ceilings for professional licensing recovery funds and requires boards to either cease collecting renewal fees or refund excess amounts when ceilings are reached, including: contractors recovery fund ($420,893), mortgage loan recovery fund ($750,000), real estate recovery fund ($481,799), and condominium education trust fund ($1,819,971).

• Modifies mortgage loan recovery fund maximum payout from $25,000 to $150,000 (ten percent of residential mortgage loan, whichever is less) and increases recovery fund limits for contractors and real estate professionals.

• Takes effect July 1, 2019, with statutory provisions governing fund management effective July 1, 2020 through June 30, 2022.