HB 2305 Summary

• Increases the percentage of fees and civil penalties collected by the Department of Consumer Credit deposited to the Consumer Credit Administrative Expenses Revolving Fund from 70% to 80%, effective July 1, 2012.

• Redirects the remaining collected fees from 30% to 20% to the General Revenue Fund of the State Treasury.

• Removes the requirement that the Administrator of the Commission on Consumer Credit's salary be paid from funds appropriated by the Legislature, allowing the Commission to set salary from available funds.

• Declares an emergency, making the act effective upon passage and approval rather than waiting for the July 1, 2012 effective date for most provisions.