COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION



FISCAL NOTE



L.R. No.: 4528-02

Bill No.: Perfected SCS for SB 1106

Subject: Boards, Commissions, Committees, Councils; Credit Unions

Type: Original

Date: March 12, 2002




FISCAL SUMMARY



ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 2003 FY 2004 FY 2005
Total Estimated

Net Effect on All

State Funds

$0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2003 FY 2004 FY 2005
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 2003 FY 2004 FY 2005
Local Government $0 $0 $0

Numbers within parentheses: ( ) indicate costs or losses.

This fiscal note contains 2 pages.

FISCAL ANALYSIS



ASSUMPTION



Officials from the Department of Revenue - Division of Credit Unions stated that this proposed legislation would have no fiscal impact on their agency.



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



No direct fiscal impact to small businesses would be expected as a result of this proposal.



DESCRIPTION



This proposed legislation changes the terms and requirements for members of the Credit Union Commission, requiring that four members of the commission be current credit union representatives and staggering term expiration dates for appointments after March 25, 2005.



The Director of the Division of Credit Unions shall examine certain qualifying credit unions, as determined by the director, only once every eighteen months. Currently, every credit union must be examined annually.

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 Credit Unions

Mickey Wilson, CPA

Acting Director

March 12, 2002