LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION May 28, 2011 TO: Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report 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 grants that the Attorney General may bring an action on behalf of the state for injunctive relief to require compliance with the provisions added by the bill, or to recover a civil penalty for each violation of this chapter. 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 28, 2011
TO: Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives FROM: John S O'Brien, Director, Legislative Budget Board IN RE:SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report
TO: Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report
Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives
Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report
SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report
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 grants that the Attorney General may bring an action on behalf of the state for injunctive relief to require compliance with the provisions added by the bill, or to recover a civil penalty for each violation of this chapter. It is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
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 grants that the Attorney General may bring an action on behalf of the state for injunctive relief to require compliance with the provisions added by the bill, or to recover a civil penalty for each violation of this chapter.
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