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DFPI seeks fee increases after multi‑year shortfall; LAO urges temporary review, regulated industries press for details
Summary
The Department of Financial Protection and Innovation presented trailer‑bill language to raise licensing and examination fees to avert a projected fund insolvency; the LAO recommended time‑limited approval with follow‑up monitoring, and industry groups asked for clarity on assessments that could be billed in September.
The Department of Financial Protection and Innovation told the Senate Budget and Fiscal Review Subcommittee No. 4 that statutory licensing fees have not kept pace with workload and inflation and that the Financial Protection Fund faces a structural shortfall. DFPI presented proposed trailer‑bill language to raise fees for several licensing programs and to allow the commissioner to set an hourly examination rate; DFPI said without changes it risks insolvency by fiscal year 2025–26.
What was proposed DFPI said it commissioned Crowe LLP to analyze program revenues and costs; the firm recommended fee adjustments to cover increased staffing, new statutory responsibilities and higher examination and overhead costs. DFPI asked…
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