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131st MAINE LEGISLATURE |
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LD 1306 |
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LR 994(01) |
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An Act to Protect
Homeowners from Unfair Agreements to Exclusively List Residential Real Estate
for Sale |
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Preliminary Fiscal
Impact Statement for Original Bill |
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Sponsor: Rep. Bell of Yarmouth |
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Committee: Innovation, Development, Economic
Advancement and Business |
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Fiscal Note Required: Yes |
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| Preliminary
Fiscal Impact Statement |
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FY 2023-24 |
FY 2024-25 |
Projections FY 2025-26 |
Projections FY 2026-27 |
| Appropriations/Allocations |
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Other Special Revenue Funds |
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$75,073 |
$95,206 |
$100,648 |
$106,416 |
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| Correctional and
Judicial Impact Statements |
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May increase the
number of civil suits filed in the court system.
The additional workload associated with the minimal number of new cases
filed in the court system does not require additional funding at this
time.
The collection of additional filing fees will increase General Fund revenue
by minor amounts. |
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| Fiscal Detail
and Notes |
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The Department of
Professional and Financial Regulation will require ongoing Other Special
Revenue Funds allocations totaling $75,073 in fiscal year 2023-24 and $95,206
in fiscal year 2024-25 for one Field Investigator position and related All
Other costs to address the anticipated
increase in the number of inquiries and complaints to the Real Estate
Commission regarding the prohibition of the use of agreements for homeowners
to exclusively list their residential property for sale. Of that amount, the Office of Professional
and Occupational Regulation will require ongoing allocations of $72,443 in
fiscal year 2023-24 and $91,751 in fiscal year 2024-25 to support the costs
of the Field Investigator position and the Administrative Services Division
will require ongoing allocations of $2,630 and $3,455 in fiscal years 2023-24
and 2024-25 respectively, for the technology related costs associated with
the new position. This estimate
assumes an October 1, 2023 effective date. |
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The Real Estate
Commission has sufficient budgeted resources to support the cost of the
position through the 2024-2025 biennium.
However, fee increases may be necessary in future biennia. |
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