WeVote
Log In

Bill

Bill

HB 443

Uniform Commercial Code - As introduced, changes, from the local law of the securities intermediary's jurisdiction to the law of this state, the law governing certain aspects of an investment security transaction; makes other related changes. - Amends TCA Title 47.

114th Regular Session (2025-2026) Introduced by Bud Hulsey

HB 443 would change investment security transaction governance from the securities intermediary's home state to Tennessee law, altering regulatory jurisdiction and investor protections.

Failed in s/c Banking and Consumer Affairs Subcommittee of Commerce Committee
#uniformcommercialcode
0
WeVote Research Nonpartisan
Bill Summary · HB 443

Legislative bill overview

HB 443 proposes modifying Tennessee's Uniform Commercial Code (Title 47) to change which state's laws govern certain investment security transactions. Specifically, it would shift regulatory authority from the securities intermediary's home state to Tennessee law for these transactions. The bill failed in subcommittee on March 5, 2025.

Why is this important

Investment securities transactions involve significant financial assets and legal protections for investors. Changing which state's law applies affects how disputes are resolved, what protections investors receive, and where companies must comply with regulations. This could impact Tennessee's competitiveness for financial services businesses and investor confidence in the state's regulatory framework.

Potential points of contention

  • Jurisdictional conflict: Shifting from the intermediary's home state to Tennessee creates potential conflicts with other states' laws and may complicate multi-state financial operations
  • Investor protection standards: Different states have different UCC provisions; changing the governing law could alter the level of investor protections depending on which provisions differ
  • Business compliance burden: Financial intermediaries operating across state lines may face increased complexity if forced to apply Tennessee law rather than their home state's familiar regulations

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

Sign in to ask a question.