LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION

April 7, 2003

TO:	Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM:	John Keel, Director, Legislative Budget Board
IN RE:	SB1578 by Carona (Relating to a prelicense test requirement for mortgage broker applicants.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would require applicants for a new mortgage broker license to pass a pre-licensing test offered by the American Association of Residential Mortgage Regulators to demonstrate knowledge of the mortgage industry.  The bill does not require the testing for renewal of a license.

The Savings and Loan Department indicates that the cost of the pre-licensing test would be paid directly to the testing administrator by the applicant.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:	450 Savings and Loan Department, 451 Department of Banking
LBB Staff:	JK, JRO, RT, RB