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Who funds the FIDM Program Development Costs?

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Who funds the FIDM Program Development Costs?

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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.

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