Tennessee House Bill HB0512

Tennessee 2023-2024 Regular Session

• Introduced: 1/25/23
• Refer: 2/1/23
• Refer: 2/21/23
• Refer: 2/28/23
• Chaptered: 3/28/23
• Passed: 3/28/23

Caption

AN ACT to amend Tennessee Code Annotated, Section 45-2-907, relative to safe deposit boxes.

Impact

The enactment of HB 0512 will primarily affect banking regulations in the state by altering compliance deadlines. By granting an extension to November, banks and financial institutions will have a more manageable timeline to ensure that they adhere to regulatory requirements concerning safe deposit boxes. This change could have a positive effect on operational efficiency within these institutions as they prepare for and respond to regulatory mandates.

Summary

House Bill 0512 seeks to amend Tennessee Code Annotated, Section 45-2-907, concerning regulations associated with safe deposit boxes. Specifically, the bill proposes changing the deadline for specific actions relating to safe deposit boxes from May 1 to November 1. This adjustment aims to better align deadlines for compliance and reporting within the banking industry, providing financial institutions additional time to meet their obligations regarding safe deposit box management.

Sentiment

The sentiment surrounding HB 0512 appears to be overwhelmingly positive, as evidenced by its unanimous passing in the House with a vote of 98 to 0. Supporters likely view the bill as a pragmatic adjustment that will improve operational dynamics within the banking sector, allowing institutions to focus on compliance without the added pressure of a tighter deadline. The support reflects a consensus on the necessity of providing clearer timelines for banking operations.

Contention

While no significant points of contention emerged during the discussions surrounding HB 0512, the rationale behind changing the deadline was emphasized to prevent potential confusion and to provide banks with adequate time for compliance. Given that the vote was unanimous, it suggests that there was broad agreement on the benefits of this amendment without any notable opposition raised during the legislative process.