Page 1 of 1 LRC 2024-BR1800-HB502
COMMONWEALTH OF KENTUCKY FISCAL NOTE STATEMENT
LEGISLATIVE RESEARCH COMMISSION
2024 REGULAR SESSION
MEASURE
2024 BR NUMBER 1800 HOUSE BILL NUMBER 502
TITLE AN ACT relating to the Department of Financial Institutions.
SPONSOR Representative Matt Lockett
FISCAL SUMMARY
STATE FISCAL IMPACT: YES NO UNCERTAIN
OTHER FISCAL STATEMENT (S) THAT MAY APPLY: ACTUARIAL ANALYSIS
LOCAL MANDATE CORRECTIONS IMPACT HEALTH BENEFIT MANDATE
APPROPRIATION UNIT(S) IMPACTED: Department of Financial Institutions
FUND(S) IMPACTED: GENERAL ROAD FEDERAL RESTRICTED FI Securities Fund,
FI Depository Institutions, FI Non-Depository Institutions
FISCAL
ESTIMATES
2023-2024 2024-2025 2025-2026 ANNUAL IMPACT AT
FULL
IMPLEMENTATION
REVENUES
EXPENDITURES $2.3 million - $5.4
million
$2.3 million - $5.4
million
$2.3 million - $5.4
million
NET EFFECT ($2.3 million - $5.4
million)
($2.3 million - $5.4
million)
($2.3 million - $5.4
million)
( ) indicates a decrease/negative
PURPOSE OF MEASURE: This bill requires the Commissioner of the Department of
Financial Institutions to establish a salary schedule for examiners and assistant examiners that
will be equivalent to the salaries paid by the Federal Deposit Insurance Corporation (FDIC),
Securities and Exchange Commission, and other similar federal supervisory agencies.
FISCAL EXPLANATION : The Department of Financial Institutions would have an increase in
salary and fringe benefits for the current 85 examiners and assistant examiners of approximately
$2.3 million if employee salaries were raised to the FDIC minimum pay or $5.4 million if raised
to the FDIC average pay.
DATA SOURCE(S): LRC Staff, Department of Financial Insitutitions, Federal Deposit Insurance
Corporation
PREPARER: Sara Rome NOTE NUMBER : 72 REVIEW: JB DATE: 2/27/2024