The Business and Professions Account (account) was created in 2005. Receipts from business or professional licenses, registrations, certifications, renewals, examinations, or civil penalties assessed and collected by the Department of Licensing are deposited into the account. The following professions are required to use the account:
The list of professions that are required to deposit receipts from business or professional licenses, registrations, certifications, renewals, examinations, or civil penalties assessed and collected by the Department of Licensing into the account is expanded to include the following professions:
The following accounts are repealed:
Any residual amounts remaining in the repealed accounts as of December 31, 2025, will be transferred to the Business and Professions Account. The transfer will be made by the state treasurer once the Office of Financial Management has completed the financial statement for fiscal year 2025.
PRO: This is important because these smaller accounts have money coming in and going out at different times. Pooling these professions in the Business and Professions Account provides these professions with more stability. There is a requirement for reporting on different licenses. This is a good government bill. There are efficiencies by pooling these professions. This is a good opportunity to bring them in the fold. The real estate profession would continue to be held separately. All these professions have been asked to be included.