LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION April 15, 2017 TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB1431 by Zaffirini (Relating to escrow payments for a loan secured by a new dwelling.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend the Finance Code relating to escrow payments for a loan secured by a new dwelling. The bill would require a lender or mortgage servicer to make a good-faith effort to ensure payment amounts are reasonably sufficient to pay taxes based on all available evidence. The Office of Court Administration and the Department of Savings and Mortgage Lending anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies:212 Office of Court Administration, Texas Judicial Council, 450 Department of Savings and Mortgage Lending LBB Staff: UP, CL, EH, EK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 85TH LEGISLATIVE REGULAR SESSION
April 15, 2017
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce FROM: Ursula Parks, Director, Legislative Budget Board IN RE:SB1431 by Zaffirini (Relating to escrow payments for a loan secured by a new dwelling.), As Introduced
TO: Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM: Ursula Parks, Director, Legislative Budget Board
IN RE: SB1431 by Zaffirini (Relating to escrow payments for a loan secured by a new dwelling.), As Introduced
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
Ursula Parks, Director, Legislative Budget Board
Ursula Parks, Director, Legislative Budget Board
SB1431 by Zaffirini (Relating to escrow payments for a loan secured by a new dwelling.), As Introduced
SB1431 by Zaffirini (Relating to escrow payments for a loan secured by a new dwelling.), 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 escrow payments for a loan secured by a new dwelling. The bill would require a lender or mortgage servicer to make a good-faith effort to ensure payment amounts are reasonably sufficient to pay taxes based on all available evidence. The Office of Court Administration and the Department of Savings and Mortgage Lending anticipate any additional work resulting from the passage of the bill could be reasonably absorbed within current resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: 212 Office of Court Administration, Texas Judicial Council, 450 Department of Savings and Mortgage Lending
212 Office of Court Administration, Texas Judicial Council, 450 Department of Savings and Mortgage Lending
LBB Staff: UP, CL, EH, EK
UP, CL, EH, EK