TO: | Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | SB1667 by Averitt (Relating to authorization of Federal Bureau of Investigation background checks for mortgage broker and loan officer license applicants.), As Introduced |
Fiscal Year | Probable Net Positive/(Negative) Impact to General Revenue Related Funds |
---|---|
2004 | $0 |
2005 | $0 |
2006 | $0 |
2007 | $0 |
2008 | $0 |
Fiscal Year | Probable Revenue Gain/(Loss) fromGENERAL REVENUE FUND 1 |
Probable Savings/(Cost) fromGENERAL REVENUE FUND 1 |
---|---|---|
2004 | $387,600 | ($387,600) |
2005 | $330,600 | ($330,600) |
2006 | $273,600 | ($273,600) |
2007 | $228,000 | ($228,000) |
2008 | $182,400 | ($182,400) |
The Savings and Loan Department would be required to obtain a Federal Bureau of Investigation (FBI) background check and a Department of Public Safety (DPS) fingerprint check for each new mortgage broker or loan officer license applicant at a cost of $38 per applicant.
The agency assumes it will receive 850 applications each month in fiscal year 2004, 725 applications each month in fiscal year 2005, 600 applications each month in fiscal year 2006, 500 applications each month in fiscal year 2007, and 400 applications each month in fiscal year 2008.
It is anticipated that any costs to the Department of Public Safety could be absorbed within current resources.
Source Agencies: | 450 Savings and Loan Department, 451 Department of Banking, 469 Credit Union Department
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LBB Staff: | JK, JRO, RT, RB
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