Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
HB213 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Engrossed
No significant fiscal implication to the State is anticipated.
The bill would amend the Finance Code to require certain mortgage servicers to provide records to a debtor upon written request and imposes record keeping requirements. The bill would delineate the process by which a debtor can request records regarding a dispute or error involving the debtor’s account. The bill provides for enforcement of these provisions by the Office of the Attorney General, the Department of Savings and Mortgage Lending or any party to the loan.
Based on the analysis of the Office of the Attorney General it is assumed that duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
Costs associated with the implementation of the bill for the Department of Savings and Mortgage Lending are not considered in this analysis because fiscal impacts for this agency would be realized outside of the Treasury due to this agency being Self-Directed and Semi-Independent.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending