LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 6, 2009 TO: Honorable Pete Gallego, Chair, House Committee on Criminal Jurisprudence FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3769 by Fletcher (Relating to certain fraudulent investment schemes; providing penalties.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Business and Commerce Code related to a fraudulent investment scheme in which the investors are paid returns with money from new investors rather than from profits and prohibits the establishment, sale, operation or promotion of a fraudulent Ponzi scheme. It is assumed that any additional costs associated with implementation of the bill could be absorbed within existing state resources. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General LBB Staff: JOB, ESi, JM
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 6, 2009
TO: Honorable Pete Gallego, Chair, House Committee on Criminal Jurisprudence FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3769 by Fletcher (Relating to certain fraudulent investment schemes; providing penalties.), As Introduced
TO: Honorable Pete Gallego, Chair, House Committee on Criminal Jurisprudence
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB3769 by Fletcher (Relating to certain fraudulent investment schemes; providing penalties.), As Introduced
Honorable Pete Gallego, Chair, House Committee on Criminal Jurisprudence
Honorable Pete Gallego, Chair, House Committee on Criminal Jurisprudence
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB3769 by Fletcher (Relating to certain fraudulent investment schemes; providing penalties.), As Introduced
HB3769 by Fletcher (Relating to certain fraudulent investment schemes; providing penalties.), 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 Business and Commerce Code related to a fraudulent investment scheme in which the investors are paid returns with money from new investors rather than from profits and prohibits the establishment, sale, operation or promotion of a fraudulent Ponzi scheme. It is assumed that any additional costs associated with implementation of the bill could be absorbed within existing state resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General
212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General
LBB Staff: JOB, ESi, JM
JOB, ESi, JM