Fiscal Note — SB 6131 DFI request legislation on repealing debenture statutes (Z-0686.1)

Summary

An Individual State Agency Fiscal Note for SB 6131, DFI request legislation on repealing debenture statutes, from the Department of Financial Institutions (102), under Bill Number Z-0686.1. Part I of the note checks No Fiscal Impact, with cash receipts, operating expenditures and capital budget impact each listed as NONE. The narrative says the bill amends the Securities Act of Washington to remove provisions applicable to debenture companies, that any costs resulting from the legislation will be absorbed by the Department of Financial Institutions, and that the bill has no fiscal impact. The note lists dates of 01/06/2020, 01/07/2020 and 01/13/2020 for the legislative contact, agency preparation and OFM review.

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Full text

                             Individual State Agency Fiscal Note

Bill Number:        Z-0686.1               Title:     SB 6131 - DFI request legislation on repealing           Agency:      102-Department of
                                                      debenture statutes.                                                   Financial Institutions

Part I: Estimates
 X      No Fiscal Impact

Estimated Cash Receipts to:

       NONE


Estimated Operating Expenditures from:
 NONE

Estimated Capital Budget Impact:

      NONE




     The cash receipts and expenditure estimates on this page represent the most likely fiscal impact. Factors impacting the precision of these estimates,
     and alternate ranges (if appropriate), are explained in Part II.

  Check applicable boxes and follow corresponding instructions:
        If fiscal impact is greater than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete entire fiscal note
        form Parts I-V.
        If fiscal impact is less than $50,000 per fiscal year in the current biennium or in subsequent biennia, complete this page only (Part I).

        Capital budget impact, complete Part IV.

        Requires new rule making, complete Part V.


     Legislative Contact:     Clinton McCarthy                                                Phone: 360-786-7319             Date: 01/06/2020
     Agency Preparation:      Emily Fitzgerald                                                Phone: (360) 902-8780           Date: 01/07/2020
     Agency Approval:         Levi Clemmens                                                   Phone: (360) 902-8818           Date: 01/07/2020
  OFM Review:                 Ramona Nabors                                                   Phone: (360) 902-0547           Date: 01/13/2020

Form FN (Rev 1/00) 153,565.00                                                                                                      Request # 20-001-1
FNS063 Individual State Agency Fiscal Note                              1                                                              Bill # Z-0686.1
Part II: Narrative Explanation
II. A - Brief Description Of What The Measure Does That Has Fiscal Impact
Briefly describe by section number, the significant provisions of the bill, and any related workload or policy assumptions, that have revenue or
expenditure impact on the responding agency.

 This bill amends the Securities Act of Washington to remove provisions applicable to debenture companies. Any
 costs resulting from this legislation will be absorbed by the Department of Financial Institutions. This bill has no
 fiscal impact.
II. B - Cash receipts Impact
Briefly describe and quantify the cash receipts impact of the legislation on the responding agency, identifying the cash receipts provisions by section
number and when appropriate the detail of the revenue sources. Briefly describe the factual basis of the assumptions and the method by which the
cash receipts impact is derived. Explain how workload assumptions translate into estimates. Distinguish between one time and ongoing functions.

II. C - Expenditures
Briefly describe the agency expenditures necessary to implement this legislation (or savings resulting from this legislation), identifying by section
number the provisions of the legislation that result in the expenditures (or savings). Briefly describe the factual basis of the assumptions and the
method by which the expenditure impact is derived. Explain how workload assumptions translate into cost estimates. Distinguish between one time
and ongoing functions.

Part III: Expenditure Detail
III. A - Operating Budget Expenditures
         NONE

 III. B - Expenditures by Object Or Purpose
         NONE


 III. C - Operating FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part I and Part IIIA
 NONE



III. D - Expenditures By Program (optional)
 NONE

 Part IV: Capital Budget Impact
 IV. A - Capital Budget Expenditures
      NONE

 IV. B - Expenditures by Object Or Purpose
        NONE

 IV. C - Capital Budget Breakout
 Identify acquisition and construction costs not reflected elsewhere on the fiscal note and describe potential financing methods
       NONE

Part V: New Rule Making Required




SB 6131 - DFI request legislation on repealing debenture statutes.                                           102-Department of Financial Institutions
Form FN (Rev 1/00) 153,565.00                                                                                                  Request # 20-001-1
FNS063 Individual State Agency Fiscal Note                      2                                                                   Bill # Z-0686.1


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