FISCAL NOTE

Senate Bill 48 (Act 2022-179) as enacted will increase the administrative obligations of the State Banking Department by an undetermined amount to enforce the provisions of this act, which include the examination and review of reserve accounts maintained by providers administering motor vehicle protection agreements. This act 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, to be deposited into the State Banking Fund and used for the expenses of the Department.