AN ACT to amend Tennessee Code Annotated, Title 45, relative to financial institutions.
Summary
HB0353 makes a narrow change to Tennessee’s financial institutions law by shortening a statutory deadline in Tennessee Code Annotated Section 45-1-119(a). The bill replaces the phrase “within sixty (60) days” with “within forty-five (45) days,” reducing the time allowed for the required action under that section by 15 days. The bill does not create a new program or regulatory scheme; it simply accelerates an existing compliance or response timeline for covered financial institutions or related parties.
Because the bill amends Title 45, its practical effect is to tighten an existing deadline in the banking/financial institutions code. Any institution, regulator, or other party subject to Section 45-1-119(a) would need to act more quickly to remain in compliance. The act takes effect immediately upon becoming law, reflecting a legislative preference for prompt implementation.
Impact
The bill amends Tennessee Code Annotated, Title 45, Section 45-1-119(a), by reducing a statutory deadline from 60 days to 45 days. This changes the timing requirements for the affected financial institutions or other regulated entities governed by that provision, but it does not otherwise alter substantive rights, create new enforcement powers, or change the scope of Title 45 generally. The immediate effective date means the shorter deadline would apply as soon as the bill becomes law.
Sentiment
Based on the text provided, the bill appears to be a technical, noncontroversial adjustment to a financial-regulatory deadline. There are no committee transcripts, recorded votes, or other discussion excerpts indicating opposition or support, so the available record suggests little visible controversy. The absence of debate material also points to a likely routine administrative measure rather than a high-profile policy change.
Contention
No specific points of contention are documented in the provided materials. The only identifiable policy issue is whether the deadline should be 60 days or 45 days, which could matter to regulated financial institutions that need additional time to comply. Without committee discussion or voting history, there is no evidence of organized opposition, amendments, or disagreement over the scope of the change.