SB 0248 - Fiscal Note

Fiscal Note - SB 0248 - Authorizes sellers of motor vehicles to add any debt owed on a trade-in to a new retain installment contract

COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. NO.: 0925-02

BILL NO.: Perfected SCS for SB 248

SUBJECT: Retail Installment Contracts

TYPE: Original

DATE: April 21, 1999

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FISCAL SUMMARY

ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None	$0	$0	$0
Total Estimated Net Effect on All State Funds	$0	$0	$0

ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
None	$0	$0	$0
Total Estimated Net Effect on All Federal Funds	$0	$0	$0

ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED	FY 2000	FY 2001	FY 2002
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, the Department of Revenue, and the Office of the Attorney General assume the proposal would have no fiscal impact on their agencies.

FISCAL IMPACT - State Government	FY 2000	FY 2001	FY 2002
	(10 Mo.)
	0	0	0
FISCAL IMPACT - Local Government	FY 2000	FY 2001	FY 2002
	(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

The proposal would allow a retail seller to advance money to prepay a debt owed against a motor vehicle used as a trade-in vehicle and finance repayment of that money in a retail installment contract.

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 Revenue

Office of the Attorney General

Jeanne Jarrett, CPA

Director

April 21, 1999