TO: | Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB1716 by Solomons (relating to the registration of a registered financial services company and the authority of its exclusive agents to act as mortgage brokers. ), Committee Report 1st House, Substituted |
The bill would amend the Finance Code to exempt an exclusive agent of a registered financial services company from becoming individually licensed as a mortgage broker.
The Department of Savings and Mortgage Lending is required by statute to adjust fees to generate revenue equivalent to its appropriations. Therefore, it is assumed that any impact on state revenues resulting from this bill would be offset by either an adjustment in appropriation authority or an adjustment to the agency's other licensing fees.
This bill would take effect September 1, 2007.
Source Agencies: | 304 Comptroller of Public Accounts, 450 Department of Savings and Mortgage Lending
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LBB Staff: | JOB, JRO, MW, TGl
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