OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-1257
AN ACT CONCERNING CONSUMER CREDIT AND COMMERCIAL
FINANCING.
Primary Analyst: RP 3/24/25
Contributing Analyst(s):
Reviewer: PR
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 26 $ FY 27 $
Banking Dept. BF - Revenue
Gain
Up to
59,000
Up to
59,000
Banking Dept. BF - Potential
Revenue Gain
Minimal Minimal
Note: BF=Banking Fund
Municipal Impact: None
Explanation
The bill makes various changes to the banking statutes that result in
the following impacts.
Sections 12 and 17-19 potentially broaden the class of entities subject
to licensure as (1) sales finance companies, (2) small loan servicers, (3)
mortgage servicers, and (4) private student loan servicers, resulting in a
minimal potential revenue gain to the Banking Fund.
1
The bill expands
the types of activities that require someone to be licensed, but these
changes are not expected to result in a substantial increase in licensees.
Section 22 increases the renewal fee for commercial financing
registrants from $500 to $1,000, resulting in a revenue gain to the
1
The initial and annual renewal fees for these licenses are $400, $400, $1,000, and
$9,000, respectively. 2025SB-01257-R000181-FN.DOCX Page 2 of 2
Banking Fund of up to $59,000 starting in FY 26.
2
The bill also makes various procedural, conforming, and technical
changes that may affect private entities but are not anticipated to result
in a fiscal impact to the state.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject the number of licensees and registrants
affected.
2
As of March 6, 2025, 118 companies have registered as commercial financing
providers or brokers.