LD 239 LR 1091(01)
An Act To Require National Banks To Cooperate in the Administration of the General Assistance Program
Preliminary Fiscal Impact Statement for Original Bill
Sponsor: Sen. Brakey of Androscoggin
Committee: Insurance and Financial Services
Fiscal Note Required: No
Preliminary Fiscal Impact Statement
Minor savings - General Fund
Fiscal Detail and Notes
This bill removes the exemption provided to national banks from the law requiring financial institutions to provide account balance information to the State or to a municipality for persons who have applied for or are receiving financial assistance from the State or a municipality. The savings to the Department of Health and Human Services are not expected to be significant because numerous financial institutions already had to comply with this rule. Also, recipients typically do not stay in the program, having to reapply each month they seek help. A more precise estimate of the fiscal impact is not possible because recipient data related to number of months on assistance, amounts paid to each recipient, number of recipients who return and the frequency of an account balance check denying a benefit resides at the municipal level and varies over time.