Fiscal Note - SB 0128 - Revises Rates Which May Be Charged on Certain Small Loans and Second Mortgage Loans
L.R. NO. 0496-02
BILL NO. Truly Agreed to and Finally Passed SB 128
SUBJECT: Financial Institutions
TYPE: Original
DATE: May 16, 1997
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
State Funds $0 $0 $0
ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
None $0 $0 $0
Total Estimated
Net Effect on All
Federal Funds $0 $0 $0
ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 1998 FY 1999 FY 2000
Local Government $0 $0 $0
FISCAL ANALYSIS
ASSUMPTION
In response to the original version of this proposal, officials of the
Department of Economic Development - Divisions of Finance and Credit Unions
indicated that this proposal would have no fiscal impact on their agencies.
Oversight assumes that amendments to the proposal would not change their
assumptions.
FISCAL IMPACT - State Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Local Government FY 1998 FY 1999 FY 2000
(10 Mo.)
0 0 0
FISCAL IMPACT - Small Business
Small financial institutions and credit issuing companies would be expected
to be fiscally impacted to the extent that interest and fees charged to
borrowers on certain loans may increase.
DESCRIPTION
This proposal would remove existing interest rate limits on small loans and
second mortgage loans and allow parties involved to set the interest rates.
The proposal would also revise or eliminate certain other limits on fees
charged on these loans.
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
This Fiscal Note is not an official copy and should not be quoted or cited.