Honorable Stan Lambert, Chair, House Committee on Pensions, Investments & Financial Services
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HJR40 by Swanson (Proposing a constitutional amendment to remove the requirement that a home equity loan be closed only at the office of the lender, an attorney at law, or a title company.), As Introduced
No significant fiscal implication to the State is anticipated, other than the cost of publication.
The cost to the state for publication of the resolution is $191,689.
It is assumed that any costs associated with the resolution could be absorbed using existing resources.
The Department of Savings and Mortgage Lending is a self-directed, semi-independent agency that is responsible for its costs of operations, prohibited from causing the General Revenue Fund to incur any cost, and not subject to the legislative budgeting process.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies:
450 Department of Savings and Mortgage Lending, 466 Office of Consumer Credit Commissioner