FINANCIAL SERVICES COMMISSION (Program); OFFICE OF FINANCIAL REGULATION; FINANCE REGULATIONGovernor's Recommendations
2022-23
Current Year Budget
2021-22
Difference
DollarsPositionsDollarsPositionsDollarsPositions
$10,844,62888.00$10,615,32085.00$229,3083.00
 

 
Policy Area:  REGULATION AND LICENSING
Issue:            STAFFING/WORKLOAD INCREASES - OFFICE OF FINANCIAL REGULATION - CONSUMER FINANCE - BUREAU OF REGISTRATION

Justification
Governor's Recommendations 2022-23
The Governor's Budget Recommendation for Fiscal Year 2022-23 includes $292,166 recurring, $13,476 nonrecurring Regulatory Trust Fund authority, 138,000 in Salary Rate, and three positions and one OPS to address workload issues related to mortgage industry applications. The Office of Financial Regulation (OFR), Division of Consumer Finance has seen a dramatic increase in the number of mortgage industry applications received over the last several years. In the last four years, the annual number of applications for new licenses increased from approximately 13,000 to 25,000 and an increase in renewals over the same time from 24,000 to 43,000. The Bureau of Registration currently has 10 positions and some renewals also require additional intervention by staff. Three new positions and an OPS position are being recommended because the remaining need can be managed with existing other personal services resources. This is a modified issue from the issue requested in the OFR's Legislative Budget Request.