FISCAL NOTE TO

[First Reprint]

SENATE, No. 806

STATE OF NEW JERSEY

DATED: November 12, 1996

      Senate Bill No. 806 (1R) of 1996 requires the Division of Banking (DOB) in the Department of Banking and Insurance in consultation with the Division of Consumer Affairs in the Department of Law and Public Safety to conduct a comparative review of the application of disclosure requirements and fee restrictions by State and federally chartered banks. The bill also requires the DOB to review customer disclosures and fees charged by depository institutions for phone and electronic access to personal savings and checking accounts, and for automated teller machine (ATM) card transactions. Upon completion of its review, the bill requires the DOB to submit its findings and recommendations to the Legislature.

      Information provided by the DOB indicates that implementation of the bill would require a one-time expenditure of $17,500 for the services of one analyst over a four week period and one clerk over a twelve week period. The department further notes that the DOB has already developed and sent out questionnaires on this matter to all depository institutions in this State.

      The Office of Legislative Services concurs with the department’s estimate.

This fiscal note has been prepared pursuant to P.L.1980, c.67.