Honorable Troy Fraser, Chair, Senate Committee on Business & Commerce
FROM:
John S. O'Brien, Director, Legislative Budget Board
IN RE:
SB1868 by Ellis (Relating to the regulation of certain residential mortgage foreclosure consulting services; providing a criminal penalty.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend statute to provide that each contract for the purchase of the services of a foreclosure consultant by a homeowner of a residence in foreclosure must be in writing, dated, and signed by each homeowner and the foreclosure consultant. The office of the Attorney General anticipates any legal work resulting from the passage of this bill could be reasonably absorbed with current resources
Local Government Impact
No significant fiscal implication to units of local government is anticipated.