Honorable Vicki Truitt, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
HB2761 by Martinez Fischer (Relating to notification requirements regarding foreclosure prevention assistance in connection with a home loan.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code requiring a lender, mortgage banker, or licensed mortgage broker to provide a borrower a written notice regarding foreclosure prevention at the closing of a home loan or if the borrower receives a default notice. The Texas Department of Housing and Community Affairs (TDHCA) and the Finance Commission would jointly adopt a foreclosure prevention notice.
Based on the analysis of TDHCA, the Department of Savings and Mortgage Lending, the Department of Banking, and the Office of Consumer Credit Commissioner, duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
332 Department of Housing and Community Affairs, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner