COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 1519-01
Bill No.: SB 382
Subject: Banks & Financial Institutions; Business & Commerce; Civil Procedure; Consumer Protection; Courts; Economic Development Department
Type: Original
Date: February 6, 2001
FISCAL SUMMARY
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
| None | $0 | $0 | $0 |
| 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
The Department of Economic Development-Divisions of Finance and Credit Unions, and the Office of the State Courts Administrator assumes this legislation will have no fiscal impact on their agencies.
The Office of the Secretary of State (SOS) assumes the Divisions of Finance and Credit Unions will promulgate rules to implement this bill. Based on experience with other divisions, the rules, regulations and forms issued by the Divisions of Finance and Credit Unions could require as many as approximately 12 pages in the Code of State Regulations. For any given rule, roughly half again as many pages are published in the Missouri Register as in the Code because cost statements, fiscal notes and the like are not repeated in Code. These costs are estimated. The estimated cost of a page in the Missouri Register is $23.00. The estimated cost of a page in the Code of State Regulations is $27.00. The actual costs could be more or less than the numbers given. The impact of this legislation in future years is unknown and depends upon the frequency and length of rules filed, amended, rescinded and withdrawn.
Oversight assumes the SOS could absorb the costs of printing and distributing regulations related to this proposal. If multiple bills pass which require the printing and distribution of regulations at substantial costs, the SOS could request funding through the appropriation process. Any decisions to raise fees to defray costs would likely be made in subsequent fiscal years.
The Office of the Attorney General and the Cole County Circuit Court did not respond to our request for a fiscal note response. Oversight assumes minimal or no fiscal impact to these entities as a result of this legislation.
| 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
This proposal could have a direct fiscal impact on financial institutions classified as small businesses.
DESCRIPTION
This act prohibits any person from disclosing "nonpublic private information" to a third party. The state agencies regulating activities of financial institutions which are subject to Title V of the Gramm-Leach-Bliley Act of 1999 have rule-making authority to carry out this provision. Any rule created cannot be more restrictive than those in Title V of the Gramm-Leach-Bliley Act of 1999.
Any challenges to the rules created under this section will be filed in Cole County Circuit Court.
This act has an emergency clause and is effective upon its passage and approval or June 1, 2001, whichever is later.
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
Division of Credit Unions
Office of the Secretary of State
Office of State Courts Administrator
NOT RESPONDING
Office of the Attorney General
Cole County Circuit Court
Jeanne Jarrett, CPA
Director
February 6, 2001