Who funds the FIDM Program Development Costs?
The state funded the cost of developing this federally mandated automated computer application system. Financial institutions fund their mandatory participation in terms of costs for system revision/development. Financial institutions may file for reimbursement of actual technical costs as provided by law. The Department of Human Resources may pay a reasonable fee to financial institutions for conducting the required searches, however the cost cannot exceed the actual cost incurred by the financial institution or $100 per quarter, whichever is less.
Related Questions
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- Who funds the FIDM Program Development Costs?
