OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http://www.cga.ct.gov/ofa

sHB-5514

AN ACT CONCERNING AN OPTIONAL METHOD OF FORECLOSURE.

As Amended by House "A" (LCO 4606)

House Calendar No.: 248


OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The bill establishes an additional method of foreclosure which concerns transactions between private entities and individuals and results in no fiscal impact to the state or municipalities. The bill also adds foreclosure by market sale to the list of exemptions from the Real Estate Conveyance Tax. This does not result in any fiscal impact as foreclosures are currently exempt from the Real Estate Conveyance Tax.

House Amendment “A” strikes the underlying bill and its associated fiscal impact and replaces it with the impact described above.

The Out Years

State Impact: None

Municipal Impact: None