NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.

Only the most recent FIR version, excluding attachments, is available on the Intranet. Previously issued FIRs and attachments may be obtained from the LFC office in Suite 101 of the State Capitol Building North.

(Parenthesis ( ) Indicate Expenditure Decreases)

*Subsequent year impact depends on annual revenue generated.

Relates to HB 15, SB 122

SOURCES OF INFORMATION

Regulation and Licensing Department

LFC files

SUMMARY

Synopsis of Bill

This bill extends the termination date of the Real Estate Appraisers Board to July 1, 2005 and the delayed repeal date to July 1, 2006.

Significant Issues

Without this legislation, this board will "sunset" effective July 1, 2000. If this board is terminated, real estate appraisers will no longer be regulated in New Mexico. Federal requirements mandate state regulation of real estate appraisers prior to providing federally guaranteed mortgages in the state.

FISCAL IMPLICATIONS

This board is self-supporting from revenues generated by real estate appraiser fees. There is no impact to the General Fund.

ADMINISTRATIVE IMPLICATIONS

If the termination date of this board is not extended, it will have to close down on July 1, 2000. Two employees will have to be terminated. RLD will provide assistance to the Board in closing the office.

OTHER SUBSTANTIVE ISSUES

If the Real Estate Appraisers Board is terminated, mortgage lenders will be unable to lend money for home purchases with federally backed mortgages.

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