LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 13, 2011 TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code to require certain mortgage servicers to provide records to a debtor upon written request and imposes record keeping requirements. The bill would delineate the process by which a debtor can request records regarding a dispute or error involving the debtors account. The bill provides for enforcement of these provisions by the Office of the Attorney General, the Department of Savings and Mortgage Lending or any party to the loan. 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 Department of Savings and Mortgage Lending are not considered in this analysis because fiscal impacts for this agency would be realized outside of the Treasury due to this agency 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 LBB Staff: JOB, AG, MW, RAN
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 13, 2011
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed
Honorable John Carona, Chair, Senate Committee on Business & Commerce
Honorable John Carona, Chair, Senate Committee on Business & Commerce
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed
HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed
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 require certain mortgage servicers to provide records to a debtor upon written request and imposes record keeping requirements. The bill would delineate the process by which a debtor can request records regarding a dispute or error involving the debtors account. The bill provides for enforcement of these provisions by the Office of the Attorney General, the Department of Savings and Mortgage Lending or any party to the loan. 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 Department of Savings and Mortgage Lending are not considered in this analysis because fiscal impacts for this agency would be realized outside of the Treasury due to this agency 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
302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending
LBB Staff: JOB, AG, MW, RAN
JOB, AG, MW, RAN