LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 28, 2021 TO: Honorable Richard Pea Raymond, Chair, House Committee on Defense & Veterans' Affairs FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2825 by Bonnen (relating to reporting requirements for certain loan and title insurance transactions involving foreign companies and real property located near military bases.), Committee Report 1st House, Substituted No significant fiscal implication to the State is anticipated. The bill would require financial institutions and title insurance company to determine if an applicant for a loan for real property located within 25 nautical miles of the boundaries of a military base is a scrutinized company under Section 2270.0001(9) of the Government Code, before being approved. The bill would require that if the financial institution or title insurance company finds the applicant to be a scrutinized company or has some ownership association with certain foreign countries, the financial institution would have to provide notice to the seller or lessor of the real property. Financial institutions and title insurance companies would be required to submit a report to the Texas Military Preparedness Commission that identifies all loans and title insurance contracts entered into with scrutinized companies by December 31 of each year. It is assumed that any costs associated with the bill could be absorbed using existing resources. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 300 Trusteed Programs - Gov, 304 Comptroller of Public Accounts, 401 Military Department, 451 Department of Banking, 469 Credit Union Department LBB Staff: b > td > JMc, SLE, LCO, HGR
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 28, 2021
TO: Honorable Richard Pea Raymond, Chair, House Committee on Defense & Veterans' Affairs FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2825 by Bonnen (relating to reporting requirements for certain loan and title insurance transactions involving foreign companies and real property located near military bases.), Committee Report 1st House, Substituted
TO: Honorable Richard Pea Raymond, Chair, House Committee on Defense & Veterans' Affairs
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB2825 by Bonnen (relating to reporting requirements for certain loan and title insurance transactions involving foreign companies and real property located near military bases.), Committee Report 1st House, Substituted
Honorable Richard Pea Raymond, Chair, House Committee on Defense & Veterans' Affairs
Honorable Richard Pea Raymond, Chair, House Committee on Defense & Veterans' Affairs
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB2825 by Bonnen (relating to reporting requirements for certain loan and title insurance transactions involving foreign companies and real property located near military bases.), Committee Report 1st House, Substituted
HB2825 by Bonnen (relating to reporting requirements for certain loan and title insurance transactions involving foreign companies and real property located near military bases.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would require financial institutions and title insurance company to determine if an applicant for a loan for real property located within 25 nautical miles of the boundaries of a military base is a scrutinized company under Section 2270.0001(9) of the Government Code, before being approved. The bill would require that if the financial institution or title insurance company finds the applicant to be a scrutinized company or has some ownership association with certain foreign countries, the financial institution would have to provide notice to the seller or lessor of the real property. Financial institutions and title insurance companies would be required to submit a report to the Texas Military Preparedness Commission that identifies all loans and title insurance contracts entered into with scrutinized companies by December 31 of each year. It is assumed that any costs associated with the bill could be absorbed using existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 300 Trusteed Programs - Gov, 304 Comptroller of Public Accounts, 401 Military Department, 451 Department of Banking, 469 Credit Union Department
300 Trusteed Programs - Gov, 304 Comptroller of Public Accounts, 401 Military Department, 451 Department of Banking, 469 Credit Union Department
LBB Staff: b > td > JMc, SLE, LCO, HGR
JMc, SLE, LCO, HGR