LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session March 29, 2001 TO: Honorable Kip Averitt, Chair, House Committee on Financial Institutions FROM: John Keel, Director, Legislative Budget Board IN RE: HB1763 by McCall (Relating to the continuation and functions of the Finance Commission of Texas and the regulation of certain financial institutions and businesses.), Committee Report 1st House, Substituted ************************************************************************** * No significant fiscal implication to the State is anticipated. * ************************************************************************** The bill amends the Finance Code to eliminate all references to the Finance Commission (FC) as a separate agency, but continues the policy-making body with some modifications to its composition. The research conducted by the FC would be shifted to the Department of Banking (DOB), Savings and Loan Department, or the Office of Consumer Credit Commissioner. The DOB would be allowed to employ a hearings officer. The part-time Executive Director's position of the FC is eliminated with a savings of $6,420 per year. The bill continues the Finance Commission until September 1, 2013. The effective date of the bill is September 1, 2001. Local Government Impact No fiscal implication to units of local government is anticipated. Source Agencies: 466 Office of Consumer Credit Commissioner, 449 Finance Commission of Texas, 451 Department of Banking, 450 Texas Savings and Loan Department, 116 Sunset Advisory Commission LBB Staff: JK, JO, RT, DE