Honorable Kelly Hancock, Chair, Senate Committee on Business & Commerce
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
SB2203 by Hancock (Relating to the business of title insurance.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend the Insurance Code relating to the business of title insurance. Based on information provided by the Texas Department of Insurance, this analysis assumes that the duties and responsibilities associated with implementing the provisions of the bill could be accomplished by utilizing existing resources.
The bill would take effect on September 1, 2017; however, the provisions of the bill would only apply to a residential real estate transaction that closes on or after January 1, 2018 or an annual statistical report issued on or after January 1, 2018.
Local Government Impact
No fiscal implication to units of local government is anticipated.