LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION April 17, 2017 TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB3088 by Ortega (Relating to the licensing and other regulation of wrap lenders.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to the licensing and other regulation of wrap lenders. The bill would define "wrap lenders" and "wrap mortgage loans" and would require the Department of Savings and Mortgage Lending to regulate wrap lenders. The State Office of Administrative Hearings, Department of Banking, Office of Consumer Credit Commission, and the Credit Union Department anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.Department of Savings and Mortgage Lending is a self-directed, semi-independent agency; therefore, any agency costs associated with implementing the provisions of the bill are not considered in this analysis. Additionally, as a self-funding, self-leveling agency, the Department of Savings and Mortgage Lending is required to collect revenues sufficient to cover their costs, so that any additional costs incurred in implementing the provisions of this bill would be offset by an equal amount of revenue. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies:360 State Office of Administrative Hearings, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department LBB Staff: UP, CL, EH, EK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION
April 17, 2017
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services FROM: Ursula Parks, Director, Legislative Budget Board IN RE:HB3088 by Ortega (Relating to the licensing and other regulation of wrap lenders.), As Introduced
TO: Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: HB3088 by Ortega (Relating to the licensing and other regulation of wrap lenders.), 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
HB3088 by Ortega (Relating to the licensing and other regulation of wrap lenders.), As Introduced
HB3088 by Ortega (Relating to the licensing and other regulation of wrap lenders.), 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 licensing and other regulation of wrap lenders. The bill would define "wrap lenders" and "wrap mortgage loans" and would require the Department of Savings and Mortgage Lending to regulate wrap lenders. The State Office of Administrative Hearings, Department of Banking, Office of Consumer Credit Commission, and the Credit Union Department anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.Department of Savings and Mortgage Lending is a self-directed, semi-independent agency; therefore, any agency costs associated with implementing the provisions of the bill are not considered in this analysis. Additionally, as a self-funding, self-leveling agency, the Department of Savings and Mortgage Lending is required to collect revenues sufficient to cover their costs, so that any additional costs incurred in implementing the provisions of this bill would be offset by an equal amount of revenue.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies: 360 State Office of Administrative Hearings, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
360 State Office of Administrative Hearings, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner, 469 Credit Union Department
LBB Staff: UP, CL, EH, EK
UP, CL, EH, EK