This Fiscal Note is not an official copy and should not be quoted or cited.
This Fiscal Note is not an official copy and should not be quoted or cited.
Fiscal Note - SB 0903 - Gives priority over condominium association lien to mortgage /deed of trust recorded before delinquency of assessment
COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. NO. 3821-01
BILL NO. SB 903
SUBJECT: Mortgages and Deeds of Trust
TYPE: Original
DATE: March 5, 1998
FISCAL SUMMARY
ESTIMATED NET EFFECT ON STATE FUNDS Net Effect on All State Funds
FUND AFFECTED
FY 1999
FY 2000
FY 2001 None
$0
$0
$0
Total Estimated
$0
$0
$0
|
ESTIMATED NET EFFECT ON FEDERAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| None | $0 | $0 | $0 |
| Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
|
ESTIMATED NET EFFECT ON LOCAL FUNDS | |||
| FUND AFFECTED | FY 1999 | FY 2000 | FY 2001 |
| Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses
This fiscal note contains 2 pages.
FISCAL ANALYSIS
ASSUMPTION
Officials of the Department of Economic Development - Divisions of Finance and Credit Unions assume the proposal would have no fiscal impact to their agencies.
| FISCAL IMPACT - State Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
| FISCAL IMPACT - Local Government | FY 1999 | FY 2000 | FY 2001 |
| (10 Mo.) | |||
| 0 | 0 | 0 | |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
Current law states that a lien of a condominium association takes priority over all other liens and encumbrances on the condominium unit except as otherwise specified. This proposal would expand the exceptions to the priority of the condominium association's lien to include a mortgage and deed of trust recorded before the date on which the assessment sought to be enforced by the condominium association became delinquent.
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
Jeanne Jarrett, CPA
Director
March 5, 1998