FISCAL NOTE
FUND(S):
8635
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.
Each applicant for an original real estate broker or real estate salesperson license would be required to submit to a criminal background check through the West Virginia State Police (WVSP) database and the Federal Bureau of Investigation (FBI) database.
The cost of the WVSP background check is $20.00, and the cost of the FBI background check is $30.25. The applicant would be responsible for the cost of the background checks.
Total one-time cost per applicant is $50.25.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2008
Increase/Decrease
(use"-") |
2009
Increase/Decrease
(use"-") |
Fiscal Year
(Upon Full
Implementation) |
| 1. Estmated Total Cost |
0 |
60,300 |
60,300 |
| Personal Services |
0 |
0 |
0 |
| Current Expenses |
0 |
60,300 |
60,300 |
| Repairs and Alterations |
0 |
0 |
0 |
| Assets |
0 |
0 |
0 |
| Other |
0 |
0 |
0 |
| 2. Estimated Total Revenues |
0 |
60,300 |
60,300 |
Explanation of above estimates (including long-range effect):
It is assumed the requirements contained in this legislation would have an effective date of July 1, 2008, so therefore, there would be no impact on the 2008 FY budget.
The above estimates are based upon 1,200 new applicants per year.
Current expense will increase or decrease depending on the number of applicants applying for a real estate license each fiscal year.
The increased expense will be equal to the increased revenue because each applicant will pay the actual cost of having the criminal background checks performed as part of the application process.
Memorandum
A new fund is not required when this legislation is implemented.
The Real Estate License Fund, which is authorized by WV Code ยง30-40-9, seems to provide sufficient authority.
Person submitting Fiscal Note: Richard E. Strader
Email Address: Richard.Strader@wvrec.org