This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0663 - Adds "Qualif. Trust" & "Qualif. Intermediary" to term "Rep."
L.R. NO. 2592-01
BILL NO. SB 663
SUBJECT: Credit Transactions
TYPE: Original
DATE: January 18, 1996
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1997 FY 1998 FY 1999
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Economic Development - Divisions of Finance
and Credit Unions indicate that this legislation would have no effect on
their agencies.
Officials of the Department of Natural Resources also assume that this
legislation would have no fiscal impact on their agency, although they
indicate it would limit the Department's ability to recover cleanup costs
related to environmental contamination by broadening the definition of who is
considered a representative under Creditor Protection laws.
FISCAL IMPACT - State Government FY 1997 FY 1998 FY 1999
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1997 FY 1998 FY 1999
(10 Mo.)
0 0 0
DESCRIPTION
This legislation would include qualified trusts and qualified intermediaries
as representatives holding property or acting in a fiduciary capacity whose
liability for environmental violations is limited under the state's creditor
protection laws.
This legislation is not federally mandated, would not duplicate any other
program and would not require additional capital improvements or rental
space.
SOURCES OF INFORMATION
Department of Economic Development - Divisions of Finance and Credit Unions
Department of Natural Resources