AN ACT to amend Tennessee Code Annotated, Title 34; Title 45 and Title 47, relative to financial institutions.
Summary
HB0776 amends Tennessee law governing financial institutions by extending a statutory deadline from ten business days to fifteen business days in Tennessee Code Annotated Section 45-2-213. The bill is narrowly drafted and makes a single change to the timing requirement, without altering the underlying duties or substantive rights created by the statute.
In practical terms, the measure gives the affected financial institutions or related parties an additional five business days to complete whatever action, notice, response, or processing step is required under the existing law. Because the bill only changes a deadline, its legal effect is limited to the administration and timing of compliance under Title 45, with no broader changes to banking regulation or consumer protections apparent from the text.
Impact
The bill amends one provision in Tennessee’s financial institutions code by replacing a ten-business-day period with a fifteen-business-day period in Section 45-2-213. This changes the timing of compliance for the entities governed by that section, likely financial institutions and any persons or businesses interacting with them under the statute. No other statutes are amended, and the bill does not create new regulatory programs, penalties, or rights.
Sentiment
There is no recorded committee discussion or vote history in the provided materials, so the bill’s sentiment is best characterized as neutral and procedural. The text suggests a technical or administrative adjustment rather than a controversial policy change, and nothing in the available record indicates organized support or opposition.
Contention
No specific points of contention are documented in the provided context. If any concerns were raised, they are not reflected in the available transcripts or votes. Based on the bill text alone, the only conceivable issue would be whether extending the deadline from ten to fifteen business days helps institutions manage compliance more easily or instead delays resolution for affected parties.