FISCAL NOTE
Date Requested: February 10, 2021
Time Requested: 04:08 PM |
| Agency: |
Real Estate Commission, WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 1278 |
Introduced |
HB2036 |
|
|---|
| CBD Subject: |
|
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FUND(S):
Special
Sources of Revenue:
Special Fund
Legislation creates:
Decreases Existing Revenue
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
This Bill will remove the requirement to have a fixed location office, which will remove the requirement to license branch offices. The loss of revenue will be approximately $17,000 per year.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2021
Increase/Decrease
(use"-") |
2022
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 |
-17,000 |
-17,000 |
Explanation of above estimates (including long-range effect):
The only impact on the total budget will be a reduction of $17,000 per year in revenue. This reduction is caused by the removal of income for Branch Offices.
Memorandum
This will also remove a license category. We also have concerns about our ability to perform audits if there is no official place of business. Where will business records be kept? Will auditors be required to go into homes? Will Brokers provide audit locations? These are a few of the issues identified.
Person submitting Fiscal Note: Jerry A. Forren Executive Director
Email Address: jerry.a.forren@wv.gov