HB 1509-FN - AS INTRODUCED
2022 SESSION
22-2191
08/10
HOUSE BILL 1509-FN
AN ACT relative to termination of the FRM victims' contribution recovery fund.
SPONSORS: Rep. Horrigan, Straf. 6; Rep. M. Smith, Straf. 6
COMMITTEE: Ways and Means
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ANALYSIS
This bill repeals the FRM victims' contribution recovery fund.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
22-2191
08/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Twenty Two
AN ACT relative to termination of the FRM victims' contribution recovery fund.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Repeal; FRM. The following are repealed:
I. RSA 359-P, relative to the recovery fund for victims of the Financial Resources Mortgage (FRM) fraud.
II. 2016, 293:4-5, relative to the disposition of funds in the victims' contribution recovery fund.
2 Remaining Funds; Lapsed to General Fund. On the effective date of this act, any funds remaining in the FRM victims' contribution recovery fund established in RSA 359-P:2, including funds appropriated by 2021, 91:85 shall lapse to the general fund.
3 Effective Date. This act shall take effect July 1, 2023.
22-2191
11/8/21
HB 1509-FN- FISCAL NOTE
AS INTRODUCED
AN ACT relative to termination of the FRM victims' contribution recovery fund.
FISCAL IMPACT: [ X ] State [ ] County [ ] Local [ ] None
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| Estimated Increase / (Decrease) | |||
STATE: | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
Appropriation | $0 | $0 | $0 | $0 |
Revenue | $0 | $0 | $0 | $0 |
Expenditures | $0 | Indeterminable Decrease | Indeterminable Decrease | Indeterminable Decrease |
Funding Source: | [ X ] General [ ] Education [ ] Highway [ ] Other | |||
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METHODOLOGY:
This bill repeals the FRM victims' contribution recovery fund.
The Department of Justice indicates the Director of Charitable Trusts at DOJ oversees the work of the fund administrator. The Department indicates passage of this bill would not result in any fiscal impact to the Department.
Chapter 91:85, Laws of 2021 made appropriations of $5,000,000 for the fiscal year ending June 30, 2022, and the sum of $5,000,000 for the fiscal year ending June 30, 2023, to the FRM victims' contribution recovery fund. This bill would repeal RSA 359-P effective July 1, 2023 and any remaining funds would lapse to the general fund.
AGENCIES CONTACTED:
Department of Justice