Tennessee Senate Bill 1280: Banks and Financial Institutions - As introduced, requires a state-chartered bank to obtain an annual audit of its financial statements at intervals of no longer than 15 months, unless the bank's financial statements are included in the audit of its holding company's consolidated statements; requires the board to review, discuss, and record the audit in meeting minutes; requires each bank to provide the commissioner of financial institutions with a copy of the external audit within 45 days of receiving the audit; requires each bank to notify the commissioner whenever an independent public accountant is engaged to perform external auditing work, or when a change or termination of the bank's independent accountant occurs. - Amends TCA Title 45.

Tennessee · 114 session

Status: Passed one chamber

What it does

As introduced, requires a state-chartered bank to obtain an annual audit of its financial statements at intervals of no longer than 15 months, unless the bank's financial statements are included in the audit of its holding company's consolidated statements; requires the board to review, discuss, and record the audit in meeting minutes; requires each bank to provide the commissioner of financial institutions with a copy of the external audit within 45 days of receiving the audit; requires each bank to notify the commissioner whenever an independent public accountant is engaged to perform external auditing work, or when a change or termination of the bank's independent accountant occurs. - Amends TCA Title 45.

Latest action

Passed on Second Consideration, refer to Senate Commerce and Labor Committee (2025-02-12)

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