Relating to the elimination of the remittance of a portion of certain loan administration fees to the comptroller.

Contracts

• Loan Documents: Review promissory notes and disclosure forms. If your current documents explicitly itemize the administrative fee distribution (e.g., "$24.00 to Lender, $1.00 to State"), these must be amended to reflect that the Lender retains the full amount.
• Vendor Agreements: If you contract with third-party payment processors specifically to handle state fee remittances, notify them of the scope reduction to prevent auto-renewal of obsolete services.

Hiring/Training

• Accounting Staff: Train accounts payable teams on the new General Ledger coding. The $1.00 (or $0.50) portion previously booked as "Payable to State" must be reclassified as "Revenue" for all loans originated post-implementation.

Reporting & Record-Keeping

• Audit Trails: You must maintain a bifurcated record system during the transition.
• Pre-2026: Maintain full remittance records for audit purposes under the Act's "Savings Clause."
• Post-2026: Ensure loan origination records clearly timestamp the January 1, 2026 start date to justify the sudden drop in payments to the Comptroller in the event of an audit.

Fees & Costs

• Revenue Increase: Lenders will retain an additional $1.00 per non-real property loan and $0.50 per secondary mortgage loan.
• Cost Reduction: Elimination of administrative overhead associated with calculating and remitting these specific monthly/quarterly payments.