Bill > HB0745

This bill makes several modifications to Tennessee's banking and garnishment laws. The primary changes involve extending and clarifying the procedures for garnishment, specifically requiring garnishees (typically banks or employers) to take certain actions within two business days of receiving a garnishment notice. These actions include determining whether they possess or control the judgment debtor's money or property, placing a hold on available funds, and furnishing a copy of the garnishment summons to the judgment debtor. The bill also adds provisions to several sections of Tennessee's commercial code that allow for reasonable attorney fees if a warrantor (someone who provides a warranty) fails to pay a claim within 30 days after receiving written notice by certified mail, registered mail, or commercial courier. These changes aim to provide more clarity and efficiency in garnishment processes and warranty claim procedures, potentially offering more protection and recourse for parties involved in financial transactions. The bill will take effect immediately upon becoming law and will apply to acts occurring on or after its effective date.