LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION February 8, 2013 TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB297 by Carona (Relating to prepaid funeral benefits contracts.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to the regulation of prepaid funeral benefits. The bill would provide increased regulation for prepaid funeral benefits; increase the investigatory powers of the banking commissioner with respect to prepaid funeral contract sellers; and allow the banking commissioner to file a petition relating to the liquidation of the affairs of a seller of prepaid funeral benefits in Travis County in addition to the county of residence of the seller. Based on the analysis of the Office of the Attorney General, State Office of Administrative Hearings, Funeral Service Commission, and Department of Insurance, the bill would not result in a significant fiscal impact to the State and could be absorbed within existing resources. The fiscal impacts of costs and revenues that may be generated in association with implementing the provisions of the bill for the Department of Banking are not considered in this analysis because any fiscal impacts for the agency would be realized outside of the Treasury due to the 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, 360 State Office of Administrative Hearings, 451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission LBB Staff: UP, RB, MW, ED, KKR
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION
February 8, 2013
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB297 by Carona (Relating to prepaid funeral benefits contracts.), As Introduced
TO: Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB297 by Carona (Relating to prepaid funeral benefits contracts.), As Introduced
Honorable John Carona, Chair, Senate Committee on Business & Commerce
Honorable John Carona, Chair, Senate Committee on Business & Commerce
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB297 by Carona (Relating to prepaid funeral benefits contracts.), As Introduced
SB297 by Carona (Relating to prepaid funeral benefits contracts.), 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 Finance Code relating to the regulation of prepaid funeral benefits. The bill would provide increased regulation for prepaid funeral benefits; increase the investigatory powers of the banking commissioner with respect to prepaid funeral contract sellers; and allow the banking commissioner to file a petition relating to the liquidation of the affairs of a seller of prepaid funeral benefits in Travis County in addition to the county of residence of the seller. Based on the analysis of the Office of the Attorney General, State Office of Administrative Hearings, Funeral Service Commission, and Department of Insurance, the bill would not result in a significant fiscal impact to the State and could be absorbed within existing resources. The fiscal impacts of costs and revenues that may be generated in association with implementing the provisions of the bill for the Department of Banking are not considered in this analysis because any fiscal impacts for the agency would be realized outside of the Treasury due to the agency being Self-Directed and Semi-Independent.
The bill would amend the Finance Code relating to the regulation of prepaid funeral benefits. The bill would provide increased regulation for prepaid funeral benefits; increase the investigatory powers of the banking commissioner with respect to prepaid funeral contract sellers; and allow the banking commissioner to file a petition relating to the liquidation of the affairs of a seller of prepaid funeral benefits in Travis County in addition to the county of residence of the seller.
Based on the analysis of the Office of the Attorney General, State Office of Administrative Hearings, Funeral Service Commission, and Department of Insurance, the bill would not result in a significant fiscal impact to the State and could be absorbed within existing resources.
The fiscal impacts of costs and revenues that may be generated in association with implementing the provisions of the bill for the Department of Banking are not considered in this analysis because any fiscal impacts for the agency would be realized outside of the Treasury due to the 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, 360 State Office of Administrative Hearings, 451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission
302 Office of the Attorney General, 360 State Office of Administrative Hearings, 451 Department of Banking, 454 Department of Insurance, 513 Funeral Service Commission
LBB Staff: UP, RB, MW, ED, KKR
UP, RB, MW, ED, KKR