LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 81ST LEGISLATIVE REGULAR SESSION

April 9, 2009

TO:	Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM:	John S. O'Brien, Director, Legislative Budget Board
IN RE:	SB472 by Estes (Relating to notice required before and period to vacate after foreclosure sale of real property.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Property Code to change the 20-day period a debtor has to cure a default on a mortgage to 45-days with additional general requirements for the default notice and right to cure prescribed by the Office of Attorney General. If the property is sold, the debtor has 31-days from the sale date to vacate the property. The debtor in default would need to give notice to tenants of the property in default.

Based on the analysis of the Office of Attorney General, the Department of Savings and Mortgage Lending, the Office of Consumer Credit, and the Department of Banking, 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:

302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner

LBB Staff:

JOB, JRO, MW, ACa