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



ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 2001 FY 2002 FY 2003
None $0 $0 $0
Total Estimated

Net Effect on All

State Funds

$0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2001 FY 2002 FY 2003
None $0 $0 $0
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
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.

FISCAL ANALYSIS



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