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 should have no impact on the costs or revenues of state government. It simply provides that for a limited 3-year period, the prohibition on non-depository mortgage lenders and brokers originating mortgage loan modifications or refinancings in excess of 100% loan to value would not apply if the modification or refinancing involves a federal or state program or occurs as the result of a litigation settlement.
    We do not believe there are any state programs at the present time that would be involved and the bill does not create any new state program to fund such loan refinancings or modifications.

Fiscal Note Detail

Effect of Proposal Fiscal Year
Fiscal Year
(Upon Full
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):

    As noted above, there should be no impact on the costs and revenues of state governmnet in general or the Division of Banking in particular.



    Person submitting Fiscal Note: Robert Lamont
    Email Address: