2018 Special Session I

Budget Bill - HB5001 (Introduced)

State Corporation Commission

Item 479

Item 479

First Year - FY2017Second Year - FY2018
Regulation of Business Practices (55200)$63,405,897$64,509,235
Corporation Commission Clerk's Services (55203)FY2017 $11,977,276FY2018 $13,077,954
Regulation of Investment Companies, Products and Services (55210)FY2017 $7,360,191FY2018 $7,360,574
Regulation of Financial Institutions (55215)FY2017 $15,410,623FY2018 $15,411,285
Regulation of Insurance Industry (55216)FY2017 $28,657,807FY2018 $28,659,422
Fund Sources:  
SpecialFY2017 $63,405,897FY2018 $64,509,235

Authority: Article IX, Constitution of Virginia; Title 8.9A, Part 4; Title 12.1, Chapter 4; Title 13.1; Title 55, Chapter 6, Article 6; Title 56, Chapter 15, Article 5; Title 58.1, Chapter 28; Title 59.1, Chapter 6.1, Code of Virginia; Title 13.1, Chapter 3.1; Title 38.2; Title 58.1, Chapter 25; and Title 65.2, Chapter 8, Code of Virginia.

A. Out of this appropriation, the State Corporation Commission is authorized to expend an amount not to exceed $10,000 the first year and $10,000 the second year for the payment of annual membership dues to the National Conference of Insurance Legislators.

B. Out of this appropriation, $3,000,000 the first year and $3,000,000 $4,528,836 the second year is designated for replacement of the Clerk's Information System.

C. Out of the amounts for this item, $1,100,000 the second year is provided to effectuate the provisions of House Bill 2111 of the 2017 General Assembly Session which allows the Commission to absorb the credit card and eCheck convenience fees as opposed to passing them on to the filers and also grants the Commission the discretion to not charge a fee for providing copies of certain documents.