COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 3681-07
Bill No.: HCS for SS for SCS for SB 931
Subject: Corporations- Securities
Type: Original
Date: May 9, 2002
FISCAL SUMMARY
| FUND AFFECTED | FY 2003 | FY 2004 | FY 20 |
| General Revenue | ($101,912) | ($107,282) | ($109,969) |
| Basic Civil Legal Services | $3,700,000 | $3,700,000 | $3,700,000 |
| Total Estimated
Net Effect on All State Funds |
$3,598,088 | $3,592,718 | $3,590,031 |
| 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 200 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 4 pages.
ASSUMPTION
Officials of the State Auditor's Office assume no fiscal impact.
Officials of the State Treasurer's Office assume no fiscal impact.
Officials of the Department of Insurance assume no fiscal impact.
Officials of the Department of Revenue assume there would be no fiscal impact.
Officials of the Office of Secretary of State- Corporations Division and Securities Division assume there would be no fiscal impact.
Officials of the Department of Labor and Industrial Relations assume no fiscal impact.
Officials of the Office of State Courts Administrator stated that this proposal establishes the "Basic Legal Services Fund" and authorizes additional filing fees in civil and criminal cases to be credited to the fund. Moneys collected for this fund are to be paid by the Court Clerk to the Office of State Courts Administrator; the Missouri Supreme Court is to determine and oversee the administration of this fund.
Officials assume that filing fees would range from $5.50 to $20.00, and based on caseload analysis for FY 2001, the additional fees would generate approximately $3,700,000 in any given year.
The Office of State Courts Administrator would need one professional staff and one clerical staff to collect, administer, and distribute the moneys for this fund. The cost of 2 FTE, Fringe Benefits, and Equipment and Expense for 10 months of FY 2003 is $101,912; in FY 2004 $107,282; and $109,969 in FY 2005. Officials assume these costs would be paid from the State's General Revenue Fund, and not from the Basic Civil Legal Services Fund.
| FISCAL IMPACT - State Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| GENERAL REVENUE | |||
| Cost to Office of State Courts Administrator | |||
| Personal Services (2 FTE) | ($63,673) | ($78,318) | ($80,276) |
| Fringe Benefits | ($22,929) | ($28,202) | ($28,907) |
| Equipment | ($15,310) | ($762) | ($786) |
| Total cost to General Revenue Fund | ($101,912) | ($107,282) | ($109,969) |
| BASIC CIVIL LEGAL SERVICES FUND | |||
| Income to Basic Civil Legal Services Fund | |||
| From filing fees from Circuit Clerks | $3,700,000 | $3,700,000 | $3,700,000 |
| FISCAL IMPACT - Local Government | FY 2003
(10 Mo.) |
FY 2004 | FY 2005 |
| $0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This substitute revises various laws relating to persons and entities required to be registered with the Secretary of State's Office and business procedures regulated by the Secretary of State. In its main provisions, the substitute:
(1) Makes technical changes to Article 9 (secured transactions) of the Uniform Commercial Code. The substitute corrects some intersectional references, changes some language to correspond to the current version of the revised Article 9 model act, clarifies that certain collected fees are nonstate funds, and remedially removes the perfection method for liens on manufactured home from the governance of Article 9;
DESCRIPTION (continued)
(2) Revises Chapter 486, RSMo, regarding notaries public, including clarifying language in existing sections and strengthening notice, registration, renewal, and documentation requirements; and
(3) Revises the process for corporations, not-for-profit corporations, and professional corporations to file annual reports with the Secretary of State.
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
Office of State Auditor
Office of State Treasurer
Secretary of State- Division of Corporations and Securities
Department of Revenue
Department of Insurance
Department of Labor and Industrial Relations
NOT RESPONDING
Office of the Attorney General
Mickey Wilson, CPA
Acting Director
May 9, 2002