LEGISLATIVE BUDGET BOARD
                          Austin, Texas

                           FISCAL NOTE
                       74th Regular Session

                          April 25, 1995



 TO:     Honorable Senator David Sibley, Chair  IN RE:  House BillNo. 1295,
         Committee on Economic Development                   as engrossed
         Senate                                         By: Clemons
         Austin, Texas








FROM: John Keel, Director

In response to your request for a Fiscal Note on House Bill No.
1295 (Relating to the regulation of certain securities.) this
office has determined the following:


No fiscal implication to the State or units of local government
is anticipated.
    

    







Source:   LBB Staff: JK, SM, RR