COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO.: 3712-04
BILL NO.: SB 845
SUBJECT: Mortgage Brokers
TYPE: Original
DATE: January 26, 2000
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, Credit Unions, and Professional Registration 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
Mortgage brokers who are small businesses may be fiscally impacted by the proposal insofar as costs of obtaining bonds differ from costs of obtaining audits.
DESCRIPTION
The proposal would allow residential mortgage brokers who post a $50,000 bond to avoid audit requirements.
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, Credit Unions and Professional Registration
Department of Insurance
Jeanne Jarrett, CPA
Director
January 10, 2000