| 122nd MAINE LEGISLATURE | |||||||||
| LD 1878 | LR 2704(02) | ||||||||
| An Act to Protect Small Payroll Processors | |||||||||
| Fiscal Note for Bill as Amended by Committee Amendment " " | |||||||||
| Committee: Business, Research and Economic Development | |||||||||
| Fiscal Note Required: Yes | |||||||||
| Fiscal Note | |||||||||
| Projections | Projections | ||||||||
| 2005-06 | 2006-07 | 2007-08 | 2008-09 | ||||||
| Appropriations/Allocations | |||||||||
| Other Special Revenue Funds | $0 | $250,000 | $0 | $0 | |||||
| Fiscal Detail and Notes | |||||||||
| The bill includes an allocation of $250,000 to the Office of Consumer Credit Regulation (OCCR) in the Department of Professional and Financial Regulation for the initial deposit into the Payroll Processor Recovery Fund. Funding for this initial deposit is assumed to come from existing OCCR fund balances. While the bill provides that assessments into the Fund will ultimately reimburse the OCCR to offset the initial deposit, the amount and timing of these payments will depend on the participation of payroll processors in the Fund and cannot be determined at this time. | |||||||||
| The additional cost to the Finance Authority of Maine associated with maintaining the Payroll Processor Recovery Fund will be taken from interest earned by the fund.. | |||||||||