LEGISLATIVE BUDGET BOARD
                          Austin, Texas

                           FISCAL NOTE
                       74th Regular Session

                          April 21, 1995



 TO:     Honorable Barry Telford, Chair         IN RE:  House Bill No. 2563
         Committee on Pensions & Investments            By: Dutton
         House of Representatives
         Austin, Texas






FROM: John Keel, Director

In response to your request for a Fiscal Note on House Bill No.
2563 (relating to initiatives for small businesses and rights and
remedies under The Securities Act) this office has determined the
following:




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


Source:   Securities Board
          LBB Staff: JK, JB, RR