LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 15, 2009 TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2779 by Truitt (Relating to the regulation of certain mortgage banker employees who are residential mortgage loan originators; providing penalties. ), Committee Report 2nd House, Substituted No significant fiscal implication to the State is anticipated. The bill amends the Finance Code to provide licensing and regulation of mortgage banker employees who are residential mortgage originators. Based on the analysis of the Office of Consumer Credit Commissioner, the Department of Banking, and the Department of Savings and Mortgage Lending, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing agency resources. The bill takes effect on April 1, 2010, only if House Bill 10 or another similar bill of the Regular Session of the 81st Legislature relating to the licensing of residential mortgage loan originators is enacted. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner LBB Staff: JOB, JRO, MW, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 15, 2009
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB2779 by Truitt (Relating to the regulation of certain mortgage banker employees who are residential mortgage loan originators; providing penalties. ), Committee Report 2nd House, Substituted
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB2779 by Truitt (Relating to the regulation of certain mortgage banker employees who are residential mortgage loan originators; providing penalties. ), Committee Report 2nd House, Substituted
Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB2779 by Truitt (Relating to the regulation of certain mortgage banker employees who are residential mortgage loan originators; providing penalties. ), Committee Report 2nd House, Substituted
HB2779 by Truitt (Relating to the regulation of certain mortgage banker employees who are residential mortgage loan originators; providing penalties. ), Committee Report 2nd House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill amends the Finance Code to provide licensing and regulation of mortgage banker employees who are residential mortgage originators. Based on the analysis of the Office of Consumer Credit Commissioner, the Department of Banking, and the Department of Savings and Mortgage Lending, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing agency resources. The bill takes effect on April 1, 2010, only if House Bill 10 or another similar bill of the Regular Session of the 81st Legislature relating to the licensing of residential mortgage loan originators is enacted.
The bill amends the Finance Code to provide licensing and regulation of mortgage banker employees who are residential mortgage originators.
Based on the analysis of the Office of Consumer Credit Commissioner, the Department of Banking, and the Department of Savings and Mortgage Lending, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing agency resources.
The bill takes effect on April 1, 2010, only if House Bill 10 or another similar bill of the Regular Session of the 81st Legislature relating to the licensing of residential mortgage loan originators is enacted.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner
450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner
LBB Staff: JOB, JRO, MW, ACa
JOB, JRO, MW, ACa