FISCAL NOTE

Senate Bill 48 as introduced will increase the administrative obligations of the State Banking Department by an undetermined amount to enforce the provisions of this bill, which include the examination and review of reserve accounts maintained by providers administering motor vehicle protection agreements. This bill authorizes the Superintendent of Banking to impose administrative fines in an amount up to $500 per violation but not to exceed $10,000 in total for all violations of similar nature. The administrative fines collected would be deposited into the State Banking Fund and used for the expenses of the Department.