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.

AMENDMENT

LCO No.: 4606

File Copy No.: 413

House Calendar No.: 248


OFA Fiscal Note

State Impact: None

Municipal Impact: None

Explanation

The amendment strikes the underlying bill and replaces it with the language of the original bill with two additional sections (8 and 13). Sections 1 - 12 establish an additional method of foreclose which concern transactions between private entities and individuals and results in no fiscal impact to the state or municipalities. Section 13 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.

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.