Consumer Protection - As introduced, reduces from 15 to 10 days, the time within which a person licensed to provide deferred presentment services must file a written report with the commissioner of financial institutions following the occurrence of the filing for bankruptcy or reorganization; the institution of revocation or suspension proceedings by any state or governmental authority; the denial of the opportunity to engage in deferred presentment services by any state or governmental autho...

Summary

The bill amends Tennessee law so that any person licensed to provide deferred presentment services must file a written report with the commissioner of financial institutions within ten days—rather than fifteen—after events such as a bankruptcy filing, revocation or suspension by a state authority, or denial of the right to offer those services. The quicker reporting is intended to give regulators more timely information to protect consumers.

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