LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION March 25, 2011 TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Business and Commerce Code and prohibits a person from requiring a debtor on a home loan to execute a deed that conveys the property to the loan holder on or before the date the deed of trust is executed. The bill could result in new complaints and investigations by the Office of the Attorney. However, it is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:302 Office of the Attorney General LBB Staff: JOB, AG, JM
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
March 25, 2011
TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), As Introduced
TO: Honorable Joe Deshotel, Chair, House Committee on Business & Industry
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), As Introduced
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
HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), As Introduced
HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), 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 Business and Commerce Code and prohibits a person from requiring a debtor on a home loan to execute a deed that conveys the property to the loan holder on or before the date the deed of trust is executed. The bill could result in new complaints and investigations by the Office of the Attorney. However, it is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 302 Office of the Attorney General
302 Office of the Attorney General
LBB Staff: JOB, AG, JM
JOB, AG, JM