| TO: | Honorable John Carona, Chair, Senate Committee On Business & Commerce |
| FROM: | Ursula Parks, Director, Legislative Budget Board |
| IN RE: | SB1005 by Carona (Relating to the regulation of money services businesses.), As Introduced |
The bill would amend the Finance Code relating to the regulation of money services businesses. The bill would allow the banking commissioner to use the Nationwide Mortgage Licensing System and Registry as a channeling agent for obtaining criminal history information from the Federal Bureau of Investigation, the United States Department of Justice, or any other entity at the commissioner's discretion.
Based on information provided by the Department of Public Safety (DPS), implementing the provisions of the bill would result in DPS conducting fewer criminal history checks for the Department of Banking. This analysis assumes that there would be no significant fiscal impact from any potential decreases in the amount of criminal history checks conducted by DPS.
The fiscal impact that may be generated in association with implementing the provisions of the bill for the Department of Banking and the Office of Consumer Credit Commissioner are not considered in this analysis because any fiscal impact for the agencies would be realized outside of the Treasury due to the agencies being Self-Directed and Semi-Independent.
| Source Agencies: | 405 Department of Public Safety, 450 Department of Savings and Mortgage Lending, 451 Department of Banking, 466 Office of Consumer Credit Commissioner
|
| LBB Staff: | UP, RB, ED
|