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:
HB2639 by Flynn (Relating to debt cancellation agreements offered in connection with certain retail installment contracts.), As Introduced
No fiscal implication to the State is anticipated.
The Office of Consumer Credit Commissioner (OCCC) is a self directed semi-independent agency. OCCC indicates that it would require two additional financial examiners to implement provisions of the bill relating to holders of debt cancellation agreement fees. As a self-funding, self-leveling agency, it is required to collect revenues sufficient to cover its costs, so that any additional costs incurred in implementing the provisions of this bill would be offset by an equal amount of revenue.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
304 Comptroller of Public Accounts, 451 Department of Banking, 466 Office of Consumer Credit Commissioner