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.



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F I S C A L I M P A C T R E P O R T





SPONSOR: Griego DATE TYPED: 02/04/00 HB
SHORT TITLE: Extend Real Estate Appraisers Board SB 400
ANALYST: Valdes


APPROPRIATION



Appropriation Contained
Estimated Additional Impact
Recurring

or Non-Rec

Fund

Affected

FY00 FY01 FY00 FY01
$ 117.3 Recurring Other State Funds

(Parenthesis ( ) Indicate Expenditure Decreases)



REVENUE



Estimated Revenue
Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY00 FY01
$ 117.3 $117.3* Recurring Other State Funds

*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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