This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0175 - Exempts small mortgage brokers from audit requirements
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 0651-03
BILL NO.: Perfected SCS for SB 175
SUBJECT: Mortgages and Deeds: Property - Real and Personal
TYPE: Original
DATE: February 24, 1999
FISCAL SUMMARY
|
ESTIMATED NET EFFECT ON STATE FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 2000 | FY 2001 | FY 2002 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 3 pages.
FISCAL ANALYSIS
ASSUMPTION
In a similar previous proposal, officials from the Department of Economic Development - Division of Professional Registration (DPR), Department of Economic Development - Division of Finance (DOF) and the Department of Labor and Industrial Relations (DOL) assume the proposed legislation would have no fiscal impact on their agencies.
| FISCAL IMPACT - State Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 2000 | FY 2001 | FY 2002 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Small Business | |||
| This proposal could have a direct fiscal impact on certain small businesses to the extent they would no longer be required to obtain an audit. | |||
DESCRIPTION
The proposed legislation would exempt small mortgage brokers from audit requirements if they post and maintain a bond in a specified amount, designed to adequately protect members of the public who are transacting business with the licensee.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
This proposal would not affect Total State Revenues.
SOURCES OF INFORMATION
Department of Economic Development - Division of Professional Registration
Department of Economic Development - Division of Finance
Department of Labor and Industrial Relations
Jeanne Jarrett, CPA
Director
February 24, 1999