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Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB0410 • 2026

Financial Institutions, Dept. of

AN ACT to amend Tennessee Code Annotated, Title 38; Title 45 and Title 67, Chapter 6, relative to money transmission.

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Bailey, Sherrell
Last action
2025-03-18
Official status
Assigned to General Subcommittee of Senate Commerce and Labor Committee
Effective date
Not listed

Plain English Breakdown

The official source material does not provide specific details on what happens if a licensee misses the new deadline or the number of businesses that will be impacted.

Changing Money Transmission License Renewal Dates

This bill changes the deadline for paying an annual nonrefundable supervision fee and submitting renewal reports from November 1st to October 15th.

What This Bill Does

  • Changes the deadline for paying an annual nonrefundable supervision fee from November 1st to October 15th.
  • Moves up the date by which licensees must submit their annual renewal report from November 1st to October 15th.

Who It Names or Affects

  • Money transmission license holders in Tennessee

Terms To Know

licensee
A person or company that has a permit to do certain activities, like transmitting money, under state rules.
supervision fee
Money paid by license holders to the government for overseeing their operations and ensuring they follow the law.

Limits and Unknowns

  • The bill does not specify what happens if a licensee misses the new deadline.
  • It is unclear how many money transmission businesses will be affected by this change.

Bill History

  1. 2025-03-18 Tennessee General Assembly

    Assigned to General Subcommittee of Senate Commerce and Labor Committee

  2. 2025-03-13 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 3/18/2025

  3. 2025-03-12 Tennessee General Assembly

    Assigned to s/c Banking & Consumer Affairs Subcommittee

  4. 2025-03-12 Tennessee General Assembly

    Ref. to Commerce Committee - Government Operations for Review

  5. 2025-03-11 Tennessee General Assembly

    Placed on Senate Commerce and Labor Committee calendar for 3/18/2025

  6. 2025-02-12 Tennessee General Assembly

    Passed on Second Consideration, refer to Senate Commerce and Labor Committee

  7. 2025-02-10 Tennessee General Assembly

    Introduced, Passed on First Consideration

  8. 2025-02-05 Tennessee General Assembly

    P2C, caption bill, held on desk - pending amdt.

  9. 2025-02-03 Tennessee General Assembly

    Intro., P1C.

  10. 2025-01-28 Tennessee General Assembly

    Filed for introduction

  11. 2025-01-28 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
HOUSE BILL 417
By Sherrell

SENATE BILL 410
By Bailey

SB0410
002216
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 38;
Title 45 and Title 67, Chapter 6, relative to money
transmission.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 45-7-116(a)(2), is amended by
deleting "November 1" and substituting "October 15".
SECTION 2. Tennessee Code Annotated, Section 45-7-116(b), is amended by deleting
"November 1" and substituting "October 15".
SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.