COMMITTEE ON LEGISLATIVE RESEARCH

OVERSIGHT DIVISION



FISCAL NOTE



L.R. No.: 1544-01

Bill No.: HB 505

Subject: Business and Commerce, Liability, Motor Vehicles

Type: Original

Date: March 3, 2003



FISCAL SUMMARY



ESTIMATED NET EFFECT ON GENERAL REVENUE FUND
FUND AFFECTED FY 2004 FY 2005 FY 2006
Total Estimated

Net Effect on

General Revenue

Fund

 $0 $0 $0



ESTIMATED NET EFFECT ON OTHER STATE FUNDS
FUND AFFECTED FY 2004 FY 2005 FY 2006
Total Estimated

Net Effect on Other

State Funds

 $0 $0 $0



Numbers within parentheses: ( ) indicate costs or losses.

This fiscal note contains 3 pages.















ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2004 FY 2005 FY 2006
Total Estimated

Net Effect on All

Federal Funds

 $0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
FUND AFFECTED FY 2004 FY 2005 FY 2006
Local Government $0 $0 $0




FISCAL ANALYSIS



ASSUMPTION



Officials with the Department of Revenue, Department of Insurance, Department of Economic Development, Office of State Courts Administrator and Department of Labor and Industrial Relations assume this proposal would have no fiscal impact on their agencies.



Officials with the Attorney General's Office assume they could absorb any cost associated with this proposal.



FISCAL IMPACT - State Government FY 2004

(10 Mo.)

 FY 2005 FY 2006
$0 $0 $0





FISCAL IMPACT - Local Government FY 2004

(10 Mo.)

 FY 2005 FY 2006
$0 $0 $0





FISCAL IMPACT - Small Business



Small business dealing in rental vehicles could have to change the way they calculate and charge damages to consumers.



DESCRIPTION



This proposal would prohibits rental companies from collecting more on claims for damages to or loss of rental vehicles than the actual cost of repair or the actual cash value less salvage or disposition proceeds. It would also permit the claim to be based upon a repair invoice prepared by a repair facility.



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



Department of Revenue

Department of Insurance

Department of Economic Development

Attorney General's Office

Office of State Courts Administrator

Department of Labor and Industrial Relations













Mickey Wilson, CPA

Director

March 3, 2003