HB 109 Tennessee House · 114th Regular Session (2025-2026)

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.

HB 109 requires Tennessee state-chartered banks to obtain an annual financial audit by an independent accountant at least once every 15 months (unless covered by their holding company’s audit). The bank’s board must review and document the audit in meeting minutes, and the bank must submit the audit report to the Commissioner of Financial Institutions within 45 days. Banks must also immediately notify the Commissioner if they hire, change, or terminate an external auditor. This bill directly affects all Tennessee state-chartered banks by imposing new audit timing, reporting, and communication requirements.
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 14, 2025 Last action Jan 28, 2025
Floor votes

How they voted

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Full legislative history

Actions timeline

Total actions
5
Key actions
1
Committee
3
Jan 28, 2025
Committee
Assigned to s/c Banking & Consumer Affairs Subcommittee
lower
Jan 16, 2025
Committee
Ref. to Commerce Committee
lower
Jan 15, 2025
Lower · Passed
P2C held on desk, pending appointment of Standing Committees
lower
Jan 14, 2025
Introduced
Intro., P1C.
lower
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of William Lamberth
William Lamberth
RRepublican
TN
44