Establishes a limitation on financial services assessments and appropriation suballocations, ensuring funds are used only for department operating.
This bill amends the financial services law by adding a new section that limits the use of money obtained from assessments on banking and insurance organizations. The funds can only be used to cover the operating expenses of the Department of Financial Services, including all direct and indirect costs. Additionally, it prohibits the allocation of special revenue funds to other agencies for non-insurance or banking programs and operations. The act takes effect immediately.
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