| 4 | 3 | | |
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| 5 | 4 | | HOUSE BILL 109 |
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| 6 | 5 | | By Lamberth |
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| 7 | 6 | | |
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| 8 | 7 | | |
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| 9 | 8 | | HB0109 |
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| 10 | 9 | | 000179 |
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| 11 | 10 | | - 1 - |
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| 12 | 11 | | |
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| 13 | 12 | | AN ACT to amend Tennessee Code Annotated, Title 45, |
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| 14 | 13 | | relative to financial institutions. |
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| 15 | 14 | | |
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| 16 | 15 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: |
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| 17 | 16 | | SECTION 1. Tennessee Code Annotated, Section 45-2-402, is amended by deleting |
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| 18 | 17 | | subsection (c) and substituting instead the following: |
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| 19 | 18 | | (c) All Tennessee state-chartered banks shall obtain an annual audit of their |
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| 20 | 19 | | financial statements by an independent certified public accountant at least once in each |
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| 21 | 20 | | calendar year at intervals of no more than fifteen (15) months, unless the bank's financial |
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| 22 | 21 | | statements are included in the audit of its holding company's consolidated financial |
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| 23 | 22 | | statements. The board shall review and discuss the audit and record such in the |
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| 24 | 23 | | minutes. Each bank shall provide to the commissioner a copy of the independent |
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| 25 | 24 | | external audit, including any management letters, within forty-five (45) days of receiving |
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| 26 | 25 | | the external audit, and shall promptly notify the commissioner when any independent |
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| 27 | 26 | | public accountant is initially engaged to perform external auditing work, or when a |
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| 28 | 27 | | change in, or termination of, the bank's independent accountant occurs. |
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| 29 | 28 | | SECTION 2. This act takes effect upon becoming law, the public welfare requiring it. |
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