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:HB3116 by Gonzales, Veronica (Relating to the execution of deeds conveying residential real estate in connection with certain transactions involving residential real estate.), As Engrossed No significant fiscal implication to the State is anticipated. The bill would amend the Business and Commerce Code and prohibit a person who extends credit and secures an interest against residential real estate from requiring the borrower to deed the property back to the extender of credit prior to or at the time of the extension of credit to the borrower. 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
May 13, 2011
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB3116 by Gonzales, Veronica (Relating to the execution of deeds conveying residential real estate in connection with certain transactions involving residential real estate.), As Engrossed
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB3116 by Gonzales, Veronica (Relating to the execution of deeds conveying residential real estate in connection with certain transactions involving residential real estate.), 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
HB3116 by Gonzales, Veronica (Relating to the execution of deeds conveying residential real estate in connection with certain transactions involving residential real estate.), As Engrossed
HB3116 by Gonzales, Veronica (Relating to the execution of deeds conveying residential real estate in connection with certain transactions involving residential real estate.), 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 Business and Commerce Code and prohibit a person who extends credit and secures an interest against residential real estate from requiring the borrower to deed the property back to the extender of credit prior to or at the time of the extension of credit to the borrower. 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