COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3034-02
Bill No.: Perfected SCS for SB 729
Subject: Mortgages and Deeds; Banks and Financial Institutions
Type: Original
Date: February 26, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
| FUND AFFECTED | FY 2003 | FY 2004 | FY 2005 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials from the Department of Economic Development - Divisions of Finance and Credit Unions and the Department of Insurance assume the proposed legislation would have no fiscal impact on their agencies.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
Small businesses could expect additional costs relating to higher mortgage insurance amounts resulting from this proposed legislation.
DESCRIPTION
This proposed legislation would authorize mortgage insurers to insure a mortgage in an amount not exceeding 103% of the fair market value of the property at the time of the loan if secured by a first lien. Current law allows insurance only in an amount not exceeding 100%.
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 Insurance
Department of Economic Development
Division of Finance
Division of Credit Unions
Mickey Wilson, CPA
Acting Director
February 26, 2002