LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION April 21, 2015 TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB3824 by Capriglione (Relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.The bill would require regulation of a new type of licensee authorized to make short-term installment loans by the Office of Consumer Credit Commissioner (OCCC). The bill adds an application fee of up to $200, a license fee that would be set by rule, and an annual assessment of up to $200. Annual assessment fees would be deposited to a Financial Literacy Fund held with Texas Treasury Safekeeping Trust Company (TTSTC) to improve consumer credit, financial education, and asset-building opportunities in this state.As the OCCC is a self-directed, semi-independent agency, none of the fees which are apportioned or raised are deposited to the State Treasury, but rather to the account of the OCCC at the TTSTC.The bill would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in the bill would be subject to funds consolidation review by the current Legislature.Based on information provided by the OCCC and Office of the Attorney General, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:302 Office of the Attorney General, 304 Comptroller of Public Accounts, 466 Office of Consumer Credit Commissioner LBB Staff: UP, CL, NV, JLi, TBo
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 84TH LEGISLATIVE REGULAR SESSION
April 21, 2015
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB3824 by Capriglione (Relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.), As Introduced
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB3824 by Capriglione (Relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.), As Introduced
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
HB3824 by Capriglione (Relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.), As Introduced
HB3824 by Capriglione (Relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.), 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 certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.The bill would require regulation of a new type of licensee authorized to make short-term installment loans by the Office of Consumer Credit Commissioner (OCCC). The bill adds an application fee of up to $200, a license fee that would be set by rule, and an annual assessment of up to $200. Annual assessment fees would be deposited to a Financial Literacy Fund held with Texas Treasury Safekeeping Trust Company (TTSTC) to improve consumer credit, financial education, and asset-building opportunities in this state.As the OCCC is a self-directed, semi-independent agency, none of the fees which are apportioned or raised are deposited to the State Treasury, but rather to the account of the OCCC at the TTSTC.The bill would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in the bill would be subject to funds consolidation review by the current Legislature.Based on information provided by the OCCC and Office of the Attorney General, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would amend the Finance Code relating to the regulation of certain short-term consumer loans; imposing an assessment and fees; adding provisions subject to a criminal penalty; requiring an occupational license.The bill would require regulation of a new type of licensee authorized to make short-term installment loans by the Office of Consumer Credit Commissioner (OCCC). The bill adds an application fee of up to $200, a license fee that would be set by rule, and an annual assessment of up to $200. Annual assessment fees would be deposited to a Financial Literacy Fund held with Texas Treasury Safekeeping Trust Company (TTSTC) to improve consumer credit, financial education, and asset-building opportunities in this state.As the OCCC is a self-directed, semi-independent agency, none of the fees which are apportioned or raised are deposited to the State Treasury, but rather to the account of the OCCC at the TTSTC.The bill would do one or more of the following: create or recreate a dedicated account in the General Revenue Fund, create or recreate a special or trust fund either with or outside of the Treasury, or create a dedicated revenue source. The fund, account, or revenue dedication included in the bill would be subject to funds consolidation review by the current Legislature.Based on information provided by the OCCC and Office of the Attorney General, it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 302 Office of the Attorney General, 304 Comptroller of Public Accounts, 466 Office of Consumer Credit Commissioner
302 Office of the Attorney General, 304 Comptroller of Public Accounts, 466 Office of Consumer Credit Commissioner
LBB Staff: UP, CL, NV, JLi, TBo
UP, CL, NV, JLi, TBo