FISCAL NOTE
FUND(S):
3041
Sources of Revenue:
Special Fund
Legislation creates:
Neither Program nor Fund
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This bill would not increases costs for state government. The bill would result in an unknown de minimus increase in state revenue.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2012
Increase/Decrease
(use"-") |
2013
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
0 |
0 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
0 |
0 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
5,000 |
5,000 |
5,000 |
Explanation of above estimates (including long-range effect):
This bill would not increase costs for state government.
Potential increases in revenue is dificult to predict. Based upon an overall reduction in consumer lending entitites in the state and a decrease in consumer lending activities in general in the financial marketplace the potential increase in revenue is likely to be de minimus in nature.
Memorandum
Potential increases in revenue collected in the form of civil adminstrative penalties are difficult to predict based upon a recent decrease in consumer lending entities in the state and a decrease in consumer lending activities in the financial marketplace. The agency has also never had the authority to penalize these institutions for violations of West Virginia law and therefore has no historical data to rely upon to estimate the potential for an increase in revenue as a result of said authority.
Person submitting Fiscal Note: Loren C. Allen
Email Address: lallen@wvdob.org