FISCAL NOTE
Date Requested: February 02, 2023
Time Requested: 02:37 PM |
| Agency: |
Motor Vehicles, WV Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3294 |
Introduced |
HB3198 |
|
|---|
| CBD Subject: |
Motor Vehicles |
|---|
|
FUND(S):
Road Fund
Sources of Revenue:
Special 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 this bill is to remove the requirement that the loan value of the motor vehicle be less than $9500 to allow an automobile dealer, licensed automobile auction, motor vehicle repair facility or towing company upon whose property or place of business an abandoned or junked motor vehicle has been abandoned to obtain a certificate of title and registration for the abandoned motor vehicle or junked vehicle.
The Divisions will not incur any additional current expense to implement this bill.
We estimated that the implementation of this bill will result in an additional 100 abandoned vehicle transactions each year. The additional revenue per transaction will be $15 (Title Fee) which will total $1,500 (100 transactions X $15) per year.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2023
Increase/Decrease
(use"-") |
2024
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 |
1,500 |
1,500 |
Explanation of above estimates (including long-range effect):
FY2024
100 Estimated Additional Abandoned Vehicle Transactions
$15 Title Fee
$1,500 Total Revenue Increase
UPON FULL IMPLEMENTATION
100 Estimated Additional Abandoned Vehicle Transactions $15 Title Fe
$1,500 Total Revenue Increase
Memorandum
Please identify any areas of vagueness, technical defects, reasons a bill would not have a fiscal impact, and/or any special issues not captured elsewhere on this form.
Person submitting Fiscal Note: Lisa Nomar
Email Address: lisa.d.nomar@wv.gov