LEGISLATIVE BUDGET BOARD
                          Austin, Texas

                           FISCAL NOTE
                       74th Regular Session

                           May 2, 1995



 TO:     Honorable Kim Brimer, Chair            IN RE:  House Bill No. 3200
         Committee on Business & Industry               By: Brady
         House of Representatives
         Austin, Texas






FROM: John Keel, Director

In response to your request for a Fiscal Note on House Bill No.
3200 (relating to regulation of investment securities; revising
Chapter 8 of the Business & Commerce Code) 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, LR, RR