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SPONSOR: |
Wallace |
DATE TYPED: |
|
HB |
HM 40 |
||
|
SHORT TITLE: |
Home Inspection Industry Study |
SB |
|
||||
|
|
ANALYST: |
Gilbert |
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APPROPRIATION
|
Appropriation
Contained |
Estimated
Additional Impact |
Recurring or
Non-Rec |
Fund Affected |
||
|
FY03 |
FY04 |
FY03 |
FY04 |
|
|
|
|
|
|
$0.1
See Narrative |
Non-Recurring |
NMFA |
(Parenthesis
( ) Indicate Expenditure Decreases)
LFC Files
SUMMARY
Synopsis
of Bill
House Memorial 40 requests the Mortgage Finance
Authority Act Oversight Committee (MFAAPC) to conduct a study, including a
minimum of one public hearing, of the home inspection industry.
Reasons for this study are outlined below:
q
A home is usually the largest investment
consumers’ make;
q
Home inspection has become a vital
consumer protection industry;
q
Home inspections provide a safeguard to
consumers so that the initial investment in a home will not be followed by
large, unexpected repair costs unknown at the time of purchase; and
q
HM 40 requires the committee’s report findings
and recommendations to be submitted to the speaker of the House of
Representatives, members of the New Mexico legislative council, and members of
the MFAAPC by November 1, 2003.
FISCAL IMPLICATIONS
If adopted, HM 40
would require the MFAAPC to hold at least one public hearing and to prepare a
formal report to be submitted to the speaker of the House of Representatives,
members of the
RLG/yr