Tennessee House Bill HB1746

Tennessee 2023-2024 Regular Session

• Introduced: 1/9/24
• Refer: 1/11/24
• Refer: 1/29/24
• Chaptered: 3/19/24
• Passed: 3/19/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 4, Chapter 29 and Title 62, Chapter 20, relative to the Tennessee collection service board.

Impact

If enacted, HB 1746 would have a significant impact on the regulatory landscape for collection services in Tennessee. The removal of particular subdivisions could simplify compliance requirements for collection agencies while reinforcing the authority and responsibilities of the Tennessee Collection Service Board. This amendment is aimed at improving operational efficiency and ensuring that the board's activities are aligned with current best practices in the industry.

Summary

House Bill 1746 seeks to amend specified sections of the Tennessee Code Annotated relating to the Tennessee Collection Service Board. The proposed changes involve deleting certain subdivisions and adding provisions that enhance the regulatory framework governing collection services within the state. The intent of this legislation is to streamline the operations of the collection service board and ensure that its mandates are more clearly defined and implemented in line with contemporary standards in financial services regulation.

Sentiment

The general sentiment surrounding HB 1746 appears to be supportive among lawmakers, as evident from the unanimous vote it received during the recent floor vote, where it passed with 96 yeas and no nays. This overwhelming support suggests that legislators view the bill as a necessary reform to enhance the regulatory framework governing collection practices in Tennessee. Stakeholders in the financial services industry are likely to favor this bill as it may provide clearer guidelines and potentially alleviate some operational burdens.

Contention

While there does not appear to be significant contention surrounding HB 1746 based on the voting history, it is important to note that changes to regulatory frameworks can often lead to debates among industry stakeholders. Some may argue that removing regulations can lead to less oversight, while others may contend that the amendments will ultimately allow for a more efficient and effective regulatory process. However, no substantial opposition has been documented in the discussions and voting records associated with this bill.