COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION

FISCAL NOTE

L.R. No.:         3494-04

Bill No.:          SCS for SB 788

Subject:           Insurance Dept.; Licenses - Professional; Boards, Commissions, Committees, Councils; Credit Unions

Type:              Original

Date:               February 15, 2008

Bill Summary:            Moves the divisions of finance, credit unions and professional registration, and the State Banking Board, to the Department of Insurance, Financial Institutions and Professional Registration by type III transfer.

FISCAL SUMMARY

Numbers within parentheses: ( ) indicate costs or losses.

This fiscal note contains 4 pages.

☐ Estimated Total Net Effect on All funds expected to exceed $100,000 savings or (cost).

☐ Estimated Net Effect on General Revenue Fund expected to exceed $100,000 (cost).

FISCAL ANALYSIS

ASSUMPTION

Officials from the Office of Administration (COA) - Division of Accounting, Office of the Governor, Office of State Auditor, Missouri Senate, Department of Insurance, Financial Institutions and Professional Registration, Office of State Treasurer, and Department of Economic Development assume the proposal will have no fiscal impact on their organizations.

Officials from the Office of Attorney General assume that the costs associated with changes to the State Legal Expense Fund will create no fiscal impact.

Officials from the COA - Administrative Hearing Commission assume the proposal will not significantly alter its caseload.

Officials from the Office of Secretary of State (SOS) state the fiscal impact for this proposal to the SOS for administrative rules is less than $2,500. The SOS does not expect additional funding would be required to meet these costs. However, the SOS recognizes that many such bills may be passed by the General Assembly in a given year and that collectively the costs may be in excess of what the office can sustain with its core budget. Therefore, the SOS reserves the right to request funding for the cost of supporting administrative rules requirements should the need arise based on a review of the finally approved bills signed by the Governor.

Officials from Legislative Research - Revisor of Statutes did not respond to our request for a statement of fiscal impact. However, in response to similar legislation (HB 1576) the Revisor of Statutes assumed the proposal would have no fiscal impact.

FISCAL IMPACT - Small Business

No direct fiscal impact to small businesses would be expected as a result of this proposal.

FISCAL DESCRIPTION

The proposed legislation appears to have no fiscal impact

This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space.

SOURCES OF INFORMATION

Office of Attorney General

Office of Administration -

            Division of Accounting

            Administrative Hearing Commission

Department of Economic Development

Department of Insurance, Financial Institutions, and Professional Registration

Office of the Governor

Office of State Auditor

Missouri Senate

Office of Secretary of State

Office of State Treasurer

NOT RESPONDING: Legislative Research - Revisor of Statutes

                                                                                                Mickey Wilson, CPA

                                                                                                Director

                                                                                                February 15, 2008