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SB0977 • 2026

Financial Institutions, Dept. of

AN ACT to amend Tennessee Code Annotated, Title 45, 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 material did not provide specific details about what happens if a report is submitted late or other reporting requirements for financial institutions in Tennessee.

Changing Reporting Time for Financial Institutions

This bill changes the time limit for Tennessee's Department of Financial Institutions' commissioner to report to the governor from 60 days to 45 days after each calendar year ends.

What This Bill Does

  • Changes the reporting deadline for Tennessee's Department of Financial Institutions.
  • Reduces the number of days the commissioner has to submit an annual report to the governor from 60 to 45 days.

Who It Names or Affects

  • The Commissioner of Financial Institutions in Tennessee
  • The Governor of Tennessee

Terms To Know

Commissioner
A person who is responsible for managing and overseeing a specific department or agency, like the Department of Financial Institutions.
Tennessee Code Annotated
The official collection of laws passed by the Tennessee General Assembly.

Limits and Unknowns

  • Does not specify what happens if the report is submitted late.
  • This bill only affects the annual report to the governor and does not cover other aspects of financial regulation.

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. 2025-02-03 Tennessee General Assembly

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

  5. 2025-01-27 Tennessee General Assembly

    Intro., P1C.

  6. 2025-01-23 Tennessee General Assembly

    Filed for introduction

Official Summary Text

Abstract summarizes the bill.

Current Bill Text

Read the full stored bill text 
HOUSE BILL 353
By Powers

SENATE BILL 977
By Southerland

SB0977
000942
- 1 -

AN ACT to amend Tennessee Code Annotated, Title 45,
relative to financial institutions.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 45-1-119(a), is amended by deleting
the language "within sixty (60) days" and substituting the language "within forty-five (45) days".
SECTION 2. This act takes effect upon becoming a law, the public welfare requiring it.