COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION



FISCAL NOTE



L.R. NO.: 3691-01

BILL NO.: SB 859

SUBJECT: Changes Beneficiary Designations

TYPE: Original

DATE: January 27, 2000




FISCAL SUMMARY



ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 2001 FY 2002 FY 2003
None
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
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 from the Office of State Courts Administrator, Department of Economic Development - Division of Finance and Department of Insurance assume that this proposal will not fiscally affect 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



If small businesses would have to modify existing beneficiary designations on various legal documents, the fiscal impact would be expected to be minimal.



DESCRIPTION



This proposal clarifies that the provisions of Section 461.051 only apply to beneficiary designations made after the August 28,1989 initial effective date of the section.



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 - Division of Finance

Department of Insurance

Office of State Courts Administrator





Jeanne Jarrett, CPA

Director

January 27, 2000