LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 21, 2009 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3784 by Gattis (Relating to the prohibition on charging a prepayment penalty for a home loan.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code to prohibit a lender from making a home loan containing a provision for a prepayment penalty. Based on the analysis of the Department of Savings and Mortgage Lending, 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:450 Department of Savings and Mortgage Lending LBB Staff: JOB, JRO, ACa
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION
April 21, 2009
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB3784 by Gattis (Relating to the prohibition on charging a prepayment penalty for a home loan.), 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: HB3784 by Gattis (Relating to the prohibition on charging a prepayment penalty for a home loan.), 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
HB3784 by Gattis (Relating to the prohibition on charging a prepayment penalty for a home loan.), As Introduced
HB3784 by Gattis (Relating to the prohibition on charging a prepayment penalty for a home loan.), 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 to prohibit a lender from making a home loan containing a provision for a prepayment penalty. Based on the analysis of the Department of Savings and Mortgage Lending, 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 to prohibit a lender from making a home loan containing a provision for a prepayment penalty.
Based on the analysis of the Department of Savings and Mortgage Lending, 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: 450 Department of Savings and Mortgage Lending
450 Department of Savings and Mortgage Lending
LBB Staff: JOB, JRO, ACa
JOB, JRO, ACa