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HB 417

Financial Institutions, Dept. of - As introduced, increases, from November 1 to December 31 to October 15 to December 31, the time frame during which a licensee under the Money Transmission Modernization Act must pay the annual nonrefundable supervision fee and submit its annual renewal report to the department. - Amends TCA Title 38; Title 45 and Title 67, Chapter 6.

114th Regular Session (2025-2026) Introduced by Paul Sherrell

HB 417 shifts Tennessee money transmission licensees' annual fee and reporting deadline earlier by 17 days, from November 1 to October 15, extending the compliance window through December 31.

Ref. to Commerce Committee - Government Operations for Review
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Bill Summary · HB 417

Legislative bill overview

HB 417 extends the deadline for money transmission licensees to pay their annual supervision fees and submit renewal reports from a November 1 - December 31 window to an October 15 - December 31 window. This gives regulated financial institutions an additional 17 days to complete their compliance obligations with Tennessee's Department of Financial Institutions.

Why is this important

Money transmission licensees include companies handling wire transfers, prepaid cards, and other payment services. Extending deadlines affects compliance timelines for hundreds of businesses and the state's ability to collect licensing revenue and maintain regulatory oversight during the fiscal year transition period.

Potential points of contention

  • Administrative burden vs. operational efficiency: Opponents may argue the earlier deadline (October 15) creates tighter compliance windows during peak business periods, while proponents contend the extra time reduces regulatory burden on smaller firms.
  • State revenue timing: Moving the deadline earlier could shift when the state receives supervision fee revenue, potentially affecting fiscal planning if fees were budgeted for December collection.
  • Regulatory oversight: Earlier submissions (mid-October vs. November) may improve the department's ability to audit and process filings before year-end, or conversely, may compress their review timeline.

Compiled from official sources — confirm details with the bill’s official record.

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