LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION

May 28, 2011

TO:	Honorable David Dewhurst, Lieutenant Governor, Senate Honorable Joe Straus, Speaker of the House, House of Representatives
FROM:	John S O'Brien, Director, Legislative Budget Board
IN RE:	SB1320 by Lucio (Relating to the execution of written instruments relating to residential real estate transactions and deeds conveying residential real estate in connection with certain transactions involving residential real estate; providing a civil penalty.), Conference Committee Report

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 grants that the Attorney General may bring an action on behalf of the state for injunctive relief to require compliance with the provisions added by the bill, or to recover a civil penalty for each violation of this chapter.

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.

Source Agencies:

302 Office of the Attorney General

LBB Staff:

JOB, AG, JM