SB 481
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 3, 2025
Fiscal Analyst: Natalie Dusek | Email: natalie.dusek@capitol.tn.gov | Phone: 615-741-2564
SB 481
SUMMARY OF BILL: Removes the requirement for a person asserting a claim on
seized property to post a bond of $350.
FISCAL IMPACT:
STATE GOVERNMENT
REVENUE General Fund
FY25-26 & Subsequent Years ($167,700)
Assumptions:
• Pursuant to Tenn. Code Ann. § 40-33-206(b), any person asserting a claim to seized
property must, along with a written claim requesting a hearing, file a cash bond or attorney
or corporate surety bond in the amount of $350 payable to the State.
• Revenue from these bonds accrues to the General Fund and is utilized by the Department
of Safety (DOS).
• The proposed legislation removes the requirement for a claimant to file the bond.
• Based on information provided by the DOS, over the last five fiscal years, the average
annual revenue received by the department from these bonds is $167,653.
• Therefore, the recurring decrease in state revenue is estimated to be $167,653 in FY25-26
and subsequent years.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director