LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 23, 2011 TO: Honorable David Dewhurst, Lieutenant Governor, Senate FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1124 by Carona (Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.), As Passed 2nd House No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009. Based on the analysis of the Department of Public Safety (DPS), implementing the provisions of the bill could result in DPS conducting fewer background checks on residential mortgage loan originators. This analysis assumes there would be no significant impact from any savings or revenue losses related to potential reductions in the amount of background checks conducted by DPS. The fiscal impacts of costs and revenues that may be generated in association with implementing the provisions of the bill for the Office of the Consumer Credit Commissioner, the Department of Banking, the Credit Union Department 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:405 Department of Public Safety, 304 Comptroller of Public Accounts, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department LBB Staff: JOB, RAN, AG
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
May 23, 2011
TO: Honorable David Dewhurst, Lieutenant Governor, Senate FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1124 by Carona (Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.), As Passed 2nd House
TO: Honorable David Dewhurst, Lieutenant Governor, Senate
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SB1124 by Carona (Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.), As Passed 2nd House
Honorable David Dewhurst, Lieutenant Governor, Senate
Honorable David Dewhurst, Lieutenant Governor, Senate
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SB1124 by Carona (Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.), As Passed 2nd House
SB1124 by Carona (Relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009; providing penalties.), As Passed 2nd House
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 relating to licensing and regulation of certain persons involved in residential mortgage lending pursuant to the Texas Secure and Fair Enforcement for Mortgage Licensing Act of 2009. Based on the analysis of the Department of Public Safety (DPS), implementing the provisions of the bill could result in DPS conducting fewer background checks on residential mortgage loan originators. This analysis assumes there would be no significant impact from any savings or revenue losses related to potential reductions in the amount of background checks conducted by DPS. The fiscal impacts of costs and revenues that may be generated in association with implementing the provisions of the bill for the Office of the Consumer Credit Commissioner, the Department of Banking, the Credit Union Department 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: 405 Department of Public Safety, 304 Comptroller of Public Accounts, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
405 Department of Public Safety, 304 Comptroller of Public Accounts, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
LBB Staff: JOB, RAN, AG
JOB, RAN, AG