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SB0973 • 2026

Financial Institutions, Dept. of

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

Active

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

Sponsor
Southerland, Powers
Last action
2025-02-12
Official status
Passed on Second Consideration, refer to Senate Commerce and Labor Committee
Effective date
Not listed

Plain English Breakdown

The official source does not provide specific details on how the bill will affect existing applications or companies already in the process of applying for a certificate of authority.

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 an incomplete or incorrect application and inform the company about what needs fixing.

What This Bill Does

  • Changes the time limit from 10 business days to 15 business days for the commissioner of financial institutions to return an incomplete or incorrect application and tell the company what needs fixing.

Who It Names or Affects

  • Financial institutions applying for a certificate of authority or organizing documents in Tennessee.
  • The commissioner responsible for reviewing applications from financial institutions.

Terms To Know

Certificate of Authority
A document that allows a business to operate as a bank or other financial institution.

Limits and Unknowns

  • The bill does not specify what happens if an application is still incomplete after 15 business days.
  • It's unclear how this change will affect existing applications or companies that are already in the process of applying for a certificate of authority.

Bill History

  1. 2025-02-12 Tennessee General Assembly

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

  2. 2025-02-10 Tennessee General Assembly

    Introduced, Passed on First Consideration

  3. 2025-02-05 Tennessee General Assembly

    Filed for introduction

  4. 2025-02-05 Tennessee General Assembly

    Withdrawn.

  5. 2025-02-05 Tennessee General Assembly

    Intro., P1C.

  6. 2025-02-04 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
HOUSE BILL 776
By Powers

SENATE BILL 973
By Southerland

SB0973
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.