Individual State Agency Fiscal Note — 5077 SB: Mortgage loan originators (Department of Financial Institutions)

Summary

Individual State Agency Fiscal Note for 5077 SB, titled Mortgage loan originators, from the Department of Financial Institutions (agency 102), with agency preparation dated January 11, 2021 and listing Emily Fitzgerald for agency preparation. The narrative states that the legislation authorizes licensed companies to allow licensed mortgage loan originators to work from their residences without the company licensing the residence as a branch office. It states that the bill will reduce the number of Department of Financial Institutions licensees required to pay fees on separate branch offices, and therefore may have a small negative impact on agency revenues. The note states the overall fiscal impact is expected to be minimal and will be absorbed by the Department.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Individual State Agency Fiscal Note — 5077 SB: Mortgage loan originators (Department of Financial Institutions).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2021-01-14-a28148-d224347-5077-fn-final-1-11-21-9d512bbb58/, SHA-256 87584ce5b6c6850a19258442aa64d5232eec4216be9295a42cb548361870a091.

Full text

Individual State Agency Fiscal Note

Bill Number: 5077 SB Title: Mortgage loan originators Agency: 102-Department of
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: 01/07/2021
Agency Preparation: Emily Fitzgerald Phone: (360) 902-8780 Date: 01/11/2021
Agency Approval: Levi Clemmens Phone: (360) 902-8818 Date: 01/11/2021
OFM Review: Ramona Nabors Phone: (360) 902-0547 Date: 01/11/2021

Form FN (Rev 1/00) 161,665.00 Request # 21-003-1
FNS063 Individual State Agency Fiscal Note 1 Bill # 5077 SB
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 legislation authorizes licensed companies to allow licensed mortgage loan originators to work from their
residences without the company licensing the residence as a branch office of the company. This bill will reduce
the number of Department of Financial Institutions licensees required to pay fees on separate branch offices, and
therefore may have a small negative impact on agency revenues. The overall fiscal impact of this bill is expected
to be minimal and will be absorbed by the Department.
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

Mortgage loan originators 102-Department of Financial Institutions
Form FN (Rev 1/00) 161,665.00 Request # 21-003-1
FNS063 Individual State Agency Fiscal Note 2 Bill # 5077 SB
IV. D - Capital FTE Detail: List FTEs by classification and corresponding annual compensation. Totals need to agree with total FTEs in
Part IVB

NONE

Part V: New Rule Making Required

Mortgage loan originators 102-Department of Financial Institutions
Form FN (Rev 1/00) 161,665.00 Request # 21-003-1
FNS063 Individual State Agency Fiscal Note 3 Bill # 5077 SB

File and source

File: 2021-01-14_a28148_d224347_5077-fn-final-1-11-21.pdf
Size: 87,282 bytes
SHA-256: 87584ce5b6c6850a19258442aa64d5232eec4216be9295a42cb548361870a091
Our copy: 2021-01-14_a28148_d224347_5077-fn-final-1-11-21.pdf
Original: No public link identified.