AN ACT to amend Tennessee Code Annotated, Title 45, relative to financial institutions.
Summary
SB0977 makes a narrow change to Tennessee’s financial institutions law by shortening a statutory deadline in Tennessee Code Annotated § 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 deadline for covered financial institutions or related parties.
Because the bill amends only one deadline in Title 45, its practical effect is limited but direct: affected institutions will need to act more quickly to meet the revised statutory timeframe. The act takes effect immediately upon becoming law, reflecting a legislative intent for prompt implementation.
Impact
The bill amends Tennessee Code Annotated, Title 45, by changing a 60-day deadline to 45 days in § 45-1-119(a). This alters the timing requirements for the financial institution activity governed by that section and may require banks, credit unions, or other covered entities to adjust internal procedures to ensure compliance within the shorter period. No other statutes are changed, and the bill does not appear to impose new substantive duties beyond the revised timeframe.
Sentiment
No committee transcripts or recorded votes were provided, so there is no direct evidence of debate or opposition in the available materials. Based on the bill text alone, the measure appears technical and administrative rather than controversial, with a likely neutral or routine legislative reception. The absence of amendments, votes, or discussion suggests it may have been treated as a straightforward cleanup or timing adjustment.
Contention
There are no documented points of contention in the provided record. If any concerns existed, they would most likely relate to whether shortening the deadline from 60 days to 45 days gives financial institutions sufficient time to comply with the underlying requirement. Potentially affected parties would be financial institutions and any customers or counterparties subject to the timing rule, but no specific objections or supporters are identified in the available materials.