COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1021-01
Bill No.: SB 253
Subject: Property, Real and Personal: Contracts and Contractors
Type: Original
Date: January 30, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Transportation (MoDOT) assume the proposed legislation may increase the incidence and cost of construction-related litigation and judgments; however, the long-range fiscal impact on MoDOT is impossible to predict. Overall, MoDOT officials do not expect the proposal to have a significant fiscal impact on their agency.
Officials from the Office of the State Courts Administrator, the Department of Natural Resources, the Department of Corrections and the Department of Conservation assume the proposal would have no fiscal impact on their agencies.
| FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
The proposal would revise the statute of limitations and add economic loss damages for home improvements. The 10-year statute of limitations would remain the same. Currently, the time period begins to run at completion of the improvement. However, "completion" is not currently defined in the statute. This proposal would change the starting date of the time limit to "substantial completion" and set forth a definition for substantial completion. The proposal would also add economic loss to the list of damages restricted by the 10-year time limit.
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal would not affect Total State Revenue.
SOURCES OF INFORMATION
Office of the State Courts Administrator
Department of Transportation
Department of Natural Resources
Department of Corrections
Department of Conservation
Jeanne Jarrett, CPA
Director
January 30, 2001