HB 109
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
January 30, 2025
Fiscal Analyst: Elizabeth Bransford | Email: elizabeth.bransford@capitol.tn.gov | Phone: 615-741-2564
HB 109
SUMMARY OF BILL: Requires state-chartered banks to: (1) obtain an annual audit by an
independent certified public accountant, with exceptions; (2) provide to the Commissioner of the
Department of Financial Institutions a copy of the audit in addition to any management letters
within 45 days of receiving the audit; and (3) notify the Commissioner when any independent public
accountant is to perform such audit or when a change in, or termination of, the bank’s independent
accountant occurs. Requires the Board of Directors of the bank to record in the minutes a review
and discussion of the audit.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• According to the Department of Financial Institutions, the proposed legislation conforms
to the current practice of the department.
• Codifying current practice of the department will have no fiscal impact on state
government.
IMPACT TO COMMERCE:
NOT SIGNIFICANT
Assumption:
• The proposed legislation will not significantly impact commerce or jobs in this state.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director