COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 2991-01
BILL NO.: SB 528
SUBJECT: Financial Institutions
TYPE: Original
DATE: December 30, 1999
FISCAL SUMMARY
FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2001 | FY 2002 | FY 2003 |
Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 2 pages.
ASSUMPTION
Officials of the Department of Economic Development - Divisions of Finance and Credit Unions and the Department of Insurance assume the proposal would have no fiscal impact on their agencies.
FISCAL IMPACT - State Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2001
(10 Mo.) |
FY 2002 | FY 2003 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
The proposal could affect small businesses to the extent that refunds paid or received as a result of prepayments of certain financing agreements either increase or decrease.
DESCRIPTION
The proposal would require that refunds owed as a result of prepayment of certain financing agreements be calculated using the actuarial method and that no more interest be retained by the lender than is actually earned.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.
SOURCES OF INFORMATION
Department of Economic Development - Divisions of Finance and Credit Unions
Department of Insurance
Jeanne Jarrett, CPA
Director
December 30, 1999