FISCAL NOTE
Date Requested: February 25, 2025
Time Requested: 04:14 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 2988 |
Introduced |
SB501 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
FUND(S):
None
Sources of Revenue:
Special Fund None
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
The amendments to Senate Bill 501 will have no impact on the revenues or expenses of the State. It eliminates a form only.
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 |
0 |
0 |
Explanation of above estimates (including long-range effect):
Senate Bill 501 will have no impact on the revenues or expenses of the State.
Memorandum
Senate Bill 501 eliminates a form that has historically been completed by mortgage licensees upon refinancing a consumer's mortgage loan. The underlying requirement to ensure that a tangible net benefit to the consumer, in the consumer's judgment, exists will remain. However, licensees will no longer be required to complete a form a maintain it in the loan file. The bill addresses a relationship between lender or broker and consumer, so the State is not a party. Therefore, the State has no impact to revenues or expenses.
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org