AN ACT to amend Tennessee Code Annotated, Title 45, relative to financial institutions.
Summary
HB0820 makes a narrow change to Tennessee’s banking and financial institution laws by shortening a statutory deadline in Tennessee Code Annotated, Section 45-1-119(a). The bill changes the time period from “within sixty (60) days” to “within forty-five (45) days,” which would require the relevant financial institution action, notice, or response governed by that section to occur sooner than under current law.
Because the bill only amends one deadline in Title 45 and contains no additional substantive provisions, its effect is limited to the specific process covered by Section 45-1-119(a). The act would take effect immediately upon becoming law, reflecting an intent to implement the shorter timeframe without delay.
Impact
The bill amends Tennessee’s financial institutions code by reducing a statutory deadline from 60 days to 45 days in Section 45-1-119(a). This change would accelerate compliance or response timing for the regulated activity covered by that section, affecting financial institutions and any parties who rely on the existing 60-day period. No other statutes are changed, and the bill does not create new regulatory duties beyond the shortened deadline.
Sentiment
There is no recorded committee discussion or vote history in the provided materials, so the bill’s sentiment cannot be measured from debate or roll call data. Based on the text alone, the measure appears technical and administrative rather than controversial, with a straightforward purpose of tightening an existing deadline in the financial institutions code.
Contention
No specific points of contention are documented in the available transcripts or vote records. The only likely issue is whether reducing the deadline from 60 days to 45 days gives affected financial institutions and other regulated parties enough time to comply with the underlying requirement in Section 45-1-119(a). Without committee testimony or votes, it is not possible to identify supporters or opponents beyond that general timing concern.