FISCAL NOTE
Date Requested: March 06, 2025
Time Requested: 02:18 PM |
| Agency: |
Financial Institutions, West Virginia Division of |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3234 |
Introduced |
SB663 |
|
|---|
| CBD Subject: |
Banking and Finance |
|---|
|
FUND(S):
None
Sources of Revenue:
Special Fund
Legislation creates:
Fiscal Note Summary
Effect this measure will have on costs and revenues of state government.
Senate Bill 663 will likely have a negligible impact, if any, on the revenues and expenses of state government. It does create the right of the Attorney General to file a civil cause of action against an entity believes to be engaging in a discriminatory practice as described by the bill. No fiscal impact is expected to the Division of Financial Institutions.
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):
The bill creates at best a negligible impact on the revenues and expenses of state government. The Attorney General may be impacted depending upon the number of causes of action the office brings for potential violations of the law.
Memorandum
The bill prohibits certain activities that would be deemed discriminatory by financial institutions for denying services. It does not create a similar obligation on agencies of the State. The Attorney General's office may incur some costs should it choose to bring a civil cause of action for discriminatory acts that violate the law. However, the bill would not create any impact on the revenues or expenses of the Division of Financial Institutions.
Person submitting Fiscal Note: Kathy Lawson
Email Address: klawson@wvdob.org