LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 19, 2009 TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB4397 by Deshotel ( relating to payoff statements provided in connection with certain home loans.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code to add a new section requiring the mortgage servicer to deliver a payoff statement no later than the fifth business day after a request has been received. The Finance Commission would create a form of payoff statement for use with all loans secured by real property and establish rules relating to the use of the payoff statement by the lender or mortgage provider and the borrower or any third-party requesting the payoff statement on behalf of the borrower. Based on the analysis of the Department of Banking, Office of Consumer Credit Commissioner, and 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, 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
April 19, 2009
TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:HB4397 by Deshotel ( relating to payoff statements provided in connection with certain home loans.), Committee Report 1st House, Substituted
TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: HB4397 by Deshotel ( relating to payoff statements provided in connection with certain home loans.), Committee Report 1st House, Substituted
Honorable Joe Deshotel, Chair, House Committee on Business & Industry
Honorable Joe Deshotel, Chair, House Committee on Business & Industry
John S. O'Brien, Director, Legislative Budget Board
John S. O'Brien, Director, Legislative Budget Board
HB4397 by Deshotel ( relating to payoff statements provided in connection with certain home loans.), Committee Report 1st House, Substituted
HB4397 by Deshotel ( relating to payoff statements provided in connection with certain home loans.), 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 the Finance Code to add a new section requiring the mortgage servicer to deliver a payoff statement no later than the fifth business day after a request has been received. The Finance Commission would create a form of payoff statement for use with all loans secured by real property and establish rules relating to the use of the payoff statement by the lender or mortgage provider and the borrower or any third-party requesting the payoff statement on behalf of the borrower. Based on the analysis of the Department of Banking, Office of Consumer Credit Commissioner, and 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 add a new section requiring the mortgage servicer to deliver a payoff statement no later than the fifth business day after a request has been received. The Finance Commission would create a form of payoff statement for use with all loans secured by real property and establish rules relating to the use of the payoff statement by the lender or mortgage provider and the borrower or any third-party requesting the payoff statement on behalf of the borrower.
Based on the analysis of the Department of Banking, Office of Consumer Credit Commissioner, and 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, 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