LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 7, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2694 by Rodriguez (Relating to the duties of a residential mortgage servicer to a borrower.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code by adding Chapter 397 relating to the regulation of mortgage servicers who provide loans secured by liens on residential real property. Under the provisions of the bill, the Office of Attorney General, the Department of Savings and Mortgage Lending, or any party to a loan secured by a lien on residential property would be allowed to enforce the provisions of Chapter 397. Based on the analysis of the Department of Savings and Mortgage Lending and the Office of Attorney General, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending LBB Staff: JOB, JRO, MW, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 7, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2694 by Rodriguez (Relating to the duties of a residential mortgage servicer to a borrower.), As Introduced
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2694 by Rodriguez (Relating to the duties of a residential mortgage servicer to a borrower.), As Introduced
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2694 by Rodriguez (Relating to the duties of a residential mortgage servicer to a borrower.), As Introduced
HB2694 by Rodriguez (Relating to the duties of a residential mortgage servicer to a borrower.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code by adding Chapter 397 relating to the regulation of mortgage servicers who provide loans secured by liens on residential real property. Under the provisions of the bill, the Office of Attorney General, the Department of Savings and Mortgage Lending, or any party to a loan secured by a lien on residential property would be allowed to enforce the provisions of Chapter 397. Based on the analysis of the Department of Savings and Mortgage Lending and the Office of Attorney General, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would amend the Finance Code by adding Chapter 397 relating to the regulation of mortgage servicers who provide loans secured by liens on residential real property. Under the provisions of the bill, the Office of Attorney General, the Department of Savings and Mortgage Lending, or any party to a loan secured by a lien on residential property would be allowed to enforce the provisions of Chapter 397.
Based on the analysis of the Department of Savings and Mortgage Lending and the Office of Attorney General, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending
302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending
LBB Staff: JOB, JRO, MW, ACa
JOB, JRO, MW, ACa