LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION April 9, 2009 TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Property Code to change the 20-day period a debtor has to cure a default on a mortgage to 45-days with additional general requirements for the default notice and right to cure prescribed by the Office of Attorney General. If the property is sold, the debtor has 31-days from the sale date to vacate the property. The debtor in default would need to give notice to tenants of the property in default. Based on the analysis of the Office of Attorney General, the Department of Savings and Mortgage Lending, the Office of Consumer Credit, and the Department of Banking, 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:302 Office of the Attorney General, 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 9, 2009
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce FROM: John S. O'Brien, Director, Legislative Budget Board IN RE:SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), As Introduced
TO: Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM: John S. O'Brien, Director, Legislative Budget Board
IN RE: SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), As Introduced
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
SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), As Introduced
SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), 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 Property Code to change the 20-day period a debtor has to cure a default on a mortgage to 45-days with additional general requirements for the default notice and right to cure prescribed by the Office of Attorney General. If the property is sold, the debtor has 31-days from the sale date to vacate the property. The debtor in default would need to give notice to tenants of the property in default. Based on the analysis of the Office of Attorney General, the Department of Savings and Mortgage Lending, the Office of Consumer Credit, and the Department of Banking, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would amend the Property Code to change the 20-day period a debtor has to cure a default on a mortgage to 45-days with additional general requirements for the default notice and right to cure prescribed by the Office of Attorney General. If the property is sold, the debtor has 31-days from the sale date to vacate the property. The debtor in default would need to give notice to tenants of the property in default.
Based on the analysis of the Office of Attorney General, the Department of Savings and Mortgage Lending, the Office of Consumer Credit, and the Department of Banking, 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: 302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner
302 Office of the Attorney General, 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