Honorable Jim Murphy, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
HB190 by Bernal (Relating to verification by a credit services organization of a consumer's ability to repay an extension of consumer credit.), As Introduced
No fiscal implication to the State is anticipated.
The bill would impact the Office of Consumer Credit Commissioner (OCCC) due to the additional requirements related to verifying a consumer's ability to repay an extension of consumer credit. OCCC indicates the changes would result in additional exam requirements and would require two new full-time equivalent employees. As a self-funding, self-leveling agency, OCCC is required to collect revenues sufficient to cover its costs, so that any additional costs incurred in implementing the provisions of the bill would be offset by an equal amount of revenue.
Local Government Impact
No fiscal implication to units of local government is anticipated.