FISCAL NOTE
Date Requested: February 18, 2025
Time Requested: 04:57 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3071 |
Introduced |
SB512 |
|
|---|
| CBD Subject: |
Constitutional Officers |
|---|
|
FUND(S):
State Funds
Sources of Revenue:
Special Fund State Auditor Securities Regulation Fund
Legislation creates:
Increases Revenue From Existing Sources
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The purpose of proposed Senate Bill 512 is to increase the registration fee of agents of broker-dealers from $66 to $70 per year.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2025
Increase/Decrease
(use"-") |
2026
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 |
0 |
669,592 |
669,592 |
Explanation of above estimates (including long-range effect):
The West Virginia State Auditor’s Office estimates the proposed change in this fee would increase State revenues by $669,592. We arrived at our estimate of revenue impact by determining the number of fee transactions that we believe would be impacted and determined that number to be 167,398 transactions hence (167,398*$4 = $669,592).
Memorandum
The State Auditor Office notes the Legislature also has CBD 3073, Senate Bill 511 which has been proposed for its consideration. Senate Bill 511 also contains the provision increasing the registration fee for agents of broker-dealers from $66 to $70, as well as provisions in changes in other fees charged by the Securities Division of the State Auditor’s Office and other changes in State law.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov