LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION May 5, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3659 by Flynn (Relating to certain retail installment transactions involving the sale of motor vehicles.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend Chapter 348 of the Finance Code so that an advertised price of a motor vehicle would not necessarily establish a cash price. The bill would also allow the retirement of a buyer's outstanding money from a lease in connection with a retail installment contract. Based on information provided by the Office of Consumer Credit Commissioner, it is assumed that duties and responsibilities associated with implementing the provisions of the bill for the agency could be accomplished by utilizing existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:466 Office of Consumer Credit Commissioner LBB Staff: JOB, JRO, MW, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
May 5, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3659 by Flynn (Relating to certain retail installment transactions involving the sale of motor vehicles.), Committee Report 1st House, Substituted
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB3659 by Flynn (Relating to certain retail installment transactions involving the sale of motor vehicles.), Committee Report 1st House, Substituted
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
HB3659 by Flynn (Relating to certain retail installment transactions involving the sale of motor vehicles.), Committee Report 1st House, Substituted
HB3659 by Flynn (Relating to certain retail installment transactions involving the sale of motor vehicles.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 348 of the Finance Code so that an advertised price of a motor vehicle would not necessarily establish a cash price. The bill would also allow the retirement of a buyer's outstanding money from a lease in connection with a retail installment contract. Based on information provided by the Office of Consumer Credit Commissioner, it is assumed that duties and responsibilities associated with implementing the provisions of the bill for the agency could be accomplished by utilizing existing resources.
The bill would amend Chapter 348 of the Finance Code so that an advertised price of a motor vehicle would not necessarily establish a cash price. The bill would also allow the retirement of a buyer's outstanding money from a lease in connection with a retail installment contract.
Based on information provided by the Office of Consumer Credit Commissioner, it is assumed that duties and responsibilities associated with implementing the provisions of the bill for the agency could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 466 Office of Consumer Credit Commissioner
466 Office of Consumer Credit Commissioner
LBB Staff: JOB, JRO, MW, ACa
JOB, JRO, MW, ACa