Honorable Joe Deshotel, Chair, House Committee on Business & Industry
FROM:
John S O'Brien, Director, Legislative Budget Board
IN RE:
HB3116 by Gonzales, Veronica (Relating to deceptive trade practices in connection with executing and filing deeds in lieu of foreclosure.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Business and Commerce Code and prohibits a person from requiring a debtor on a home loan to execute a deed that conveys the property to the loan holder on or before the date the deed of trust is executed. The bill could result in new complaints and investigations by the Office of the Attorney. However, it is anticipated that any additional costs associated with implementation of the legislation could be absorbed within existing resources.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.