S.F. No. 2078 Summary

• Appropriates $22,339,000 to the Department of Commerce for fiscal years 2018 and 2019, divided among financial institutions ($4,885,000), administrative services ($7,386,000), enforcement ($5,099,000), and insurance ($4,969,000).

• Increases various licensing and renewal fees including residential mortgage originator renewal from $500 to $780, insurance broker-dealer agent registration from $50 to $60, and credit union license renewal from $2,500 to $3,030.

• Establishes a financial institutions account as a separate special revenue fund account to receive assessment and examination fee revenue, with funds annually appropriated to the commissioner of commerce.

• Transfers $1,300,000 annually from the automobile theft prevention account to the insurance fraud prevention account, with any unobligated balances in the auto theft prevention account able to be transferred to the insurance fraud prevention account at year-end.

• Authorizes funding for two new non-peace officer employees in the Commerce Fraud Bureau to perform analytical duties, supported by revenue from the insurance fraud prevention account.