LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 83RD LEGISLATIVE REGULAR SESSION

March 22, 2013

TO:	Honorable John Carona, Chair, Senate Committee on Business & Commerce
FROM:	Ursula Parks, Director, Legislative Budget Board
IN RE:	SB650 by Rodríguez (Relating to the continuation of title insurance coverage of certain transferred property.), As Introduced

No significant fiscal implication to the State is anticipated.

The bill would amend the Insurance Code relating to the continuation of title insurance coverage of certain transferred property.  The bill would expand the scope of individuals who would be covered under current rules that provide for continuation of coverage subject to rights and defenses against the original named insured.

Based on information provided by the Department of Insurance, it is assumed that all duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:

454 Department of Insurance

LBB Staff:

UP, RB, ER