AN ACT to amend Tennessee Code Annotated, Title 45, relative to financial institutions.
Summary
SB0974 makes a narrow change to Tennessee’s financial institutions law by shortening a statutory deadline from 60 days to 45 days. Specifically, it amends Tennessee Code Annotated Section 45-1-119(a) to require the relevant action under that section to occur within 45 days instead of within 60 days. The bill does not create a new program or regulatory scheme; it simply accelerates an existing time frame in the banking and financial institutions code.
Because the bill only changes a deadline, its practical effect is to require affected financial institutions, regulators, or other parties governed by Section 45-1-119(a) to act more quickly. The act takes effect immediately upon becoming law, reflecting the legislature’s view that the change should be implemented without delay.
Impact
The bill amends Title 45 of the Tennessee Code by reducing a statutory compliance or response period from 60 days to 45 days in Section 45-1-119(a). This directly affects the timing obligations of parties subject to the financial institutions statutes, likely including banks, credit unions, or related regulated entities, as well as any state oversight process tied to that section. No other substantive provisions are changed.
Sentiment
There is no recorded committee discussion or vote history in the provided materials, so there is no direct evidence of support or opposition. Based on the text alone, the bill appears technical and administrative rather than controversial, with a likely neutral or routine legislative reception.
Contention
No specific points of contention are documented in the available transcripts or voting history. The only potentially debatable issue is the shortened deadline itself, which could be viewed by affected financial institutions as a tighter compliance window, but no stakeholder objections or competing views are provided in the record.