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: Robinson DATE TYPED: 02/04/00 HB
SHORT TITLE: Extend NM Real Estate Commission SB 357
ANALYST: Valdes

APPROPRIATION



Appropriation Contained
Estimated Additional Impact
Recurring

or Non-Rec

Fund

Affected

FY00 FY01 FY00 FY01
$ 878.5 Recurring Other State Funds

(Parenthesis ( ) Indicate Expenditure Decreases)



REVENUE



Estimated Revenue
Subsequent

Years Impact

Recurring

or Non-Rec

Fund

Affected

FY00 FY01
$ 878.5 $878.5* Recurring Other State Funds

*Subsequent year impact depends on annual revenue generated.



Duplicates/Conflicts with/Companion to/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 Commission to July 1, 2005 and the delayed repeal date to July 1, 2006.



Significant Issues



Without this legislation, this commission will "sunset" effective July 1, 2000. If this commission is terminated, New Mexico will be the only state in the country which does not regulate real estate brokers and sales.





FISCAL IMPLICATIONS



This commission is self-supporting from revenues generated by realtor fees. There is no impact to the General Fund.



ADMINISTRATIVE IMPLICATIONS



If the termination date of this commission is not extended, it will have to close down on July 1, 2000. Ten employees will have to be terminated. RLD will provide assistance to the Commission in closing the office.



OTHER SUBSTANTIVE ISSUES



If this legislation is not enacted, real estate license law will terminate on July 1, 2000.



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