Honorable Rafael Anchia, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB4266 by Shine (relating to credit repair services performed by credit repair organizations.), Committee Report 1st House, Substituted
Estimated Two-year Net Impact to General Revenue Related Funds for HB4266, Committee Report 1st House, Substituted : an impact of $0 through the biennium ending August 31, 2023.
General Revenue-Related Funds, Five- Year Impact:
Fiscal Year
Probable Net Positive/(Negative) Impact to General Revenue Related Funds
2022
$0
2023
$0
2024
$0
2025
$0
2026
$0
All Funds, Five-Year Impact:
Fiscal Year
Probable Savings/(Cost) from Local/Not Appropriated Funds 8888
Probable Revenue Gain/(Loss) from Local/Not Appropriated Funds 8888
Change in Number of State Employees from FY 2021
2022
($51,905)
$51,905
1.0
2023
($50,705)
$50,705
1.0
2024
($50,705)
$50,705
1.0
2025
($50,705)
$50,705
1.0
2026
($51,905)
$51,905
1.0
Fiscal Analysis
The bill would require the OCCC to receive, process, and investigate complaints related to credit repair organizations. The bill would require the OCCC to provide for enforcement of credit repair organizations.
Methodology
The Office of Consumer Credit Commissioner is a self-directed, semi-independent state entity and does not receive appropriated funds. The OCCC is responsible for funding all direct and indirect operational costs and sets the amount of fees, penalties, charges, and revenues required to cover these costs.
The OCCC anticipates that complaints filed with the OCCC in connection with credit repair organizations would necessitate an additional FTE in the consumer assistance department. There is no authority established to collect a fee for this enforcement; the costs of investigations being conducted on these entities and enforcement actions would have to be absorbed within existing functions.
Technology
No technological implication is anticipated.
Local Government Impact
No fiscal implication to units of local government is anticipated.
Source Agencies:
212 Office of Court Admin, 304 Comptroller of Public Accounts, 466 Consumer Credit Comm