COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0645-01
Bill No.: SB 179
Subject: Banks & Financial Institutions, Mortgages & Deeds, Property-Real & Personal
Type: Original
Date: 12/20/00
FISCAL SUMMARY
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
None | $0 | $0 | $0 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials at the Department of Economic Development-Divisions of Finance, Credit Unions, and Insurance, and the Department of Insurance assume the proposal would have no fiscal impact on their agencies.
FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
This proposal would allow mortgage brokers to substitute a surety bond for the required annual audit. The Department of Economic Development notes that it is possible that some brokers will be able to obtain the bond at a lower cost than the audit.
Oversight notes that some CPA firms currently providing the required audit services likely may be classified as small businesses, and may be adversely affected by the proposal.
DESCRIPTION
This act exempts residential mortgage brokers from filing annual audits if they have posted a surety bond in an amount of $100,000.
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
Division of Finance
Division of Credit Unions
Division of Professional Registration
Department of Insurance
Jeanne Jarrett, CPA
Director
12/20/00