LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

February 23, 2013

TO:	Honorable Mike Villarreal, Chair, House Committee On Investments & Financial Services
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	HB302 by Rodriguez, Eddie (Relating to the duties of a mortgage servicer of certain residential mortgage loans.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill amends the Finance Code relating to the duties of a mortgage servicer of certain residential mortgage loans. The bill would require mortgage servicers to maintain records of requests for information regarding a dispute or error involving a debtor's account. The bill would also require mortgage services to provide certain information upon a borrower's request. Additionally, the bill provides that the Department of Savings and Mortgage Lending, the Attorney General, or any party to the loan covered by this chapter may enforce its provisions. The bill also allows a debtor injured by a violation of this chapter to bring an action to recover actual damages, including reasonable attorney's fees.

Based on information provided by the Attorney General and the Office of Court Administration, it is assumed that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.

The fiscal impact that may be generated in association with implementing the provisions of the bill for the Department of Savings and Mortgage Lending are not considered in this analysis because any fiscal impact for the agency would be realized outside of the Treasury due to the agency being Self-Directed and Semi-Independent.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General, 450 Department of Savings and Mortgage Lending

LBB Staff:

UP, RB, MW, ED