COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.:1639H.01P Bill No.:Perfected HB 608 Subject:Banks and Financial Institutions; Securities; Business and Commerce Type:Original Date:April 17, 2025Bill Summary:This proposal modifies the principal and income act to resemble the latest
version of the uniform fiduciary income and principal act.
FISCAL SUMMARY
ESTIMATED NET EFFECT ON GENERAL REVENUE FUNDFUND AFFECTEDFY 2026FY 2027FY 2028General Revenue*$0 or (Unknown)$0 or (Unknown)$0 or (Unknown)Total Estimated Net
Effect on General
Revenue$0 or (Unknown)$0 or (Unknown)$0 or (Unknown)
*Costs to OSCA to implement changes. Oversight also assumes the impact will be under
$250,000 annually.
ESTIMATED NET EFFECT ON OTHER STATE FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on Other State
Funds $0$0$0
Numbers within parentheses: () indicate costs or losses. L.R. No. 1639H.01P
Bill No. Perfected HB 608
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ESTIMATED NET EFFECT ON FEDERAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on All Federal
Funds $0$0$0
ESTIMATED NET EFFECT ON FULL TIME EQUIVALENT (FTE)FUND AFFECTEDFY 2026FY 2027FY 2028Total Estimated Net
Effect on FTE 000
☐ Estimated Net Effect (expenditures or reduced revenues) expected to exceed $250,000 in any
of the three fiscal years after implementation of the act or at full implementation of the act.
☐ Estimated Net Effect (savings or increased revenues) expected to exceed $250,000 in any of
the three fiscal years after implementation of the act or at full implementation of the act.
ESTIMATED NET EFFECT ON LOCAL FUNDSFUND AFFECTEDFY 2026FY 2027FY 2028Local Government$0$0$0 L.R. No. 1639H.01P
Bill No. Perfected HB 608
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FISCAL ANALYSIS
ASSUMPTION
Officials from the Department of Commerce and Insurance and the Office of the State
Treasurer each assume the proposal will have no fiscal impact on their respective organizations.
Oversight does not have any information to the contrary. Therefore, Oversight will reflect a zero
impact in the fiscal note for these agencies.
In response to a similar proposal from 2023 (HB 968), officials from the Office of the State
Courts Administrator (OSCA) stated there may be some impact but there is no way to quantify
that currently. Any significant changes will be reflected in future budget requests.
Oversight notes OSCA assumes this proposal may have some impact on their organization
although it can’t be quantified at this time. As OSCA is unable to provide additional information
regarding the potential impact, Oversight assumes the proposed legislation will have a $0 to
(Unknown) cost to the General Revenue Fund. For fiscal note purposes, Oversight also assumes
the impact will be under $250,000 annually. If this assumption is incorrect, this would alter the
fiscal impact as presented in this fiscal note. If additional information is received, Oversight will
review it to determine if an updated fiscal note should be prepared and seek approval to publish a
new fiscal note.
FISCAL IMPACT – State GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028GENERAL REVENUEOSCA – costs to implement $0 or
(Unknown)
$0 or
(Unknown)
$0 or
(Unknown)
ESTIMATED NET EFFECT ON
GENERAL REVENUE
$0 or
(Unknown)
$0 or
(Unknown)
$0 or
(Unknown)
FISCAL IMPACT – Local GovernmentFY 2026
(10 Mo.)
FY 2027FY 2028$0$0$0 L.R. No. 1639H.01P
Bill No. Perfected HB 608
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FISCAL IMPACT – Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
FISCAL DESCRIPTION
This proposal modifies the "Principal and Income Act" to resemble the latest version of the
"Uniform Fiduciary Income and Principal Act".
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 Commerce and Insurance
Office of the State Courts Administrator
Office of the State Treasurer
Julie MorffJessica HarrisDirectorAssistant DirectorApril 17, 2025April 17, 2025