FISCAL NOTE
Date Requested: February 05, 2026
Time Requested: 01:51 PM |
| Agency: |
Auditor, State of WV |
|---|
| CBD Number: |
Version: |
Bill Number: |
Resolution Number: |
| 3168 |
Introduced |
SB734 |
|
|---|
| CBD Subject: |
Real and Personal Property |
|---|
|
FUND(S):
State Funds - West Virginia Real Estate Time-Sharing Trust Fund
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.
The purpose of proposed Senate Bill 734 is to update the filing fee and annual fee concerning the initial filing of a public offering statement for time-share plans and the annual fee required to be paid by time-share managing entities.
Fiscal Note Detail
| Effect of Proposal |
Fiscal Year |
2026
Increase/Decrease
(use"-") |
2027
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 |
-303,610 |
-303,610 |
Explanation of above estimates (including long-range effect):
In order to evaluate the likely impacts of the proposed legislation should it become law, we compared the fees due and actually paid under existing law with our projections of what those fee collections would have been in Fiscal Years 2023, 2024 and 2025, if the provisions of the proposed Bill had been in place during those fiscal years. That analysis indicates fee collections in Fiscal Year 2023 totaling $376,331 while under the proposed Bill, the collections would have totaled $13,062 or a reduction of $363,269. And, in Fiscal Year 2024, fee collections totaled $309,496 while under the proposed Bill, the collections would have totaled $12,750 or a reduction of $296,746. And, finally in Fiscal Year 2025, fee collections totaled $262,066 while under the proposed Bill, the collections would have totaled $11,250. In making our projection for purposes of this Fiscal Note submission, we smoothed the actual collections over the three-year period to arrive at an average of approximately $315,964 annually under current law and a result of an average of $12,354 annually under the provisions of the proposed Bill. The projected result would be a reduction in funding for the West Virginia Real Estate Time-Sharing Trust Fund of $303,610 per year which we are reflecting as a negative Estimated Revenue impact in our Fiscal Note submission.
Memorandum
We believe adoption of the proposed Bill would have two potential impacts depending on how the Legislature chose to deal with it. In the first instance and assuming simple adoption of the legislation, the State Auditor would incur a significant reduction in his ability to oversee time-sharing arrangements in West Virginia as basically those efforts are currently funded by the collections authorized in Chapter 36, Article 9, Section 6 and Chapter 36, Article 9, Section 24 of the West Virginia Code as currently written. If the provisions of the proposed Bill became law and the Legislature wished to maintain the existing oversight of these types of arrangements, the State Auditor would be required to submit a request for an appropriations of State General Revenue funding in order to carry out that legislative mandate.
Person submitting Fiscal Note: Michael E. Sizemore, CPA
Email Address: Mike.Sizemore@wvsao.gov