AN ACT to amend Tennessee Code Annotated, Title 34; Title 45 and Title 47, relative to financial institutions.
Summary
This bill makes a narrow change to Tennessee law governing financial institutions. It amends Tennessee Code Annotated, Section 45-2-213, by extending a required time period from ten business days to fifteen business days. The bill does not create a new program or regulatory scheme; instead, it adjusts an existing deadline in the financial institutions title of the code.
Because the bill text only changes one statutory deadline, its practical effect is limited to giving the affected financial institution or institutions five additional business days to comply with the underlying requirement in Section 45-2-213. The bill takes effect immediately upon becoming law, reflecting a stated public-welfare need for prompt implementation.
Impact
The bill amends Tennessee Code Annotated, Title 45, by lengthening a statutory deadline from ten to fifteen business days in Section 45-2-213. This changes the timing obligations for the regulated financial institution process covered by that section, while leaving the rest of the statute and related titles unchanged. No new enforcement mechanism, penalty, or substantive right is added in the text provided.
Sentiment
There is no recorded committee discussion or vote history in the materials provided, so the overall sentiment cannot be directly measured from debate or roll call data. Based on the bill’s narrow, technical nature and immediate effective date, it appears to be a routine administrative adjustment rather than a controversial policy proposal.
Contention
No specific points of contention are documented in the provided transcripts or voting history. The only identifiable issue is the extension of the deadline from ten to fifteen business days, which could matter to whichever financial institution or regulated party is subject to Section 45-2-213, but no opposition or competing viewpoints are included in the record provided.