LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION March 14, 2011 TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB1222 by Anchia (Relating to the regulation of debt management services providers; providing a penalty.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code by adding Subchapter D, Uniform Debt Management Services Act. The bill would require the registration of debt management service providers and standardize regulatory guidelines for debt settlement companies. The bill would repeal Subchapter C, Chapter 394 of the Finance Code. Based on the analysis of the Office of the Attorney General, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Costs associated with the implementation of the bill for the Office of the Consumer Credit Commissioner, the Department of Banking, and the Department of Savings and Mortgage Lending are not considered in this analysis because fiscal impacts for these agencies would be realized outside of the Treasury due to these agencies being Self-Directed and Semi-Independent. Local Government Impact No significant 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, AG, MW, RAN
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
March 14, 2011
TO: Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB1222 by Anchia (Relating to the regulation of debt management services providers; providing a penalty.), 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: HB1222 by Anchia (Relating to the regulation of debt management services providers; providing a penalty.), 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
HB1222 by Anchia (Relating to the regulation of debt management services providers; providing a penalty.), As Introduced
HB1222 by Anchia (Relating to the regulation of debt management services providers; providing a penalty.), 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 by adding Subchapter D, Uniform Debt Management Services Act. The bill would require the registration of debt management service providers and standardize regulatory guidelines for debt settlement companies. The bill would repeal Subchapter C, Chapter 394 of the Finance Code. Based on the analysis of the Office of the Attorney General, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Costs associated with the implementation of the bill for the Office of the Consumer Credit Commissioner, the Department of Banking, and the Department of Savings and Mortgage Lending are not considered in this analysis because fiscal impacts for these agencies would be realized outside of the Treasury due to these agencies being Self-Directed and Semi-Independent.
Local Government Impact
No significant 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, AG, MW, RAN
JOB, AG, MW, RAN