Financial Institutions, Dept. of

Plain English Breakdown

The bill summary and text do not provide information on how the extension will affect the overall approval process or if it updates other parts of the law.

Changing Time for Financial Institution Applications

This bill changes the time limit from 10 to 15 business days for the commissioner of financial institutions to return applications with defects.

What This Bill Does

• Changes the time limit from 10 business days to 15 business days for the commissioner of financial institutions to return applications with defects.

Who It Names or Affects

• Financial institutions and businesses that apply to do banking in Tennessee.

Terms To Know

business days

Days when offices are open for work, not including weekends or holidays.

commissioner of financial institutions

The person who oversees and regulates financial institutions in Tennessee.

Limits and Unknowns

• This bill does not change other parts of the application process for financial institutions.
• It is unclear how this extension will affect the overall approval timeline for new banking businesses.

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

SENATE BILL 973
By Southerland

HOUSE BILL 776
By Powers

HB0776
002680
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 34;
Title 45 and Title 47, relative to financial
institutions.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 45-2-213, is amended by deleting
"ten (10) business days" and substituting "fifteen (15) business days".
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.