COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3460-01
Bill No.: SB 826
Subject: Banks and Financial Institutions; Merchandising Practices; Civil Procedure
Type: Original
Date: January 21, 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 - Division of Finance and Division of Credit Unions and the Office of State Courts Administrator indicate there would be no fiscal impact to their agencies as a result of this proposed legislation.
| 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
There could be a positive fiscal impact to small business due to saving the costs associated with registering collection letters.
DESCRIPTION
This proposal would allow the holder of a bad check to send a notice and written demand for payment by regular mail that is supported by an affidavit of service by mailing. Notice would then be deemed conclusive three days following the date the affidavit is executed. Under current legislation, the only way a holder of a bad check can send notice and written demand for payment is either by certified or registered mail.
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 State Courts Administrator
Mickey Wilson, CPA
Acting Director
January 21, 2002