Amends TCA Title 62, Chapter 6.
Under present law, a renewal application for a monetary limitation greater than $1,500,000 must be accompanied by a reviewed or audited financial statement prepared by a licensed public accountant or a certified public accountant. This bill requires, instead, that such a renewal application be accompanied by a compilation prepared by a licensed public accountant or certified public accountant. ON MARCH 4, 2024, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1903, AS AMENDED. AMENDMENT #1 authorizes the board, without cause, to require a financial statement of the applicant that is reviewed or audited and attested to by a licensed public accountant or certified public accountant if the board has reason to believe it is in the best interest of the public safety and welfare.
Under present law, a renewal application for a monetary limitation greater than $1,500,000 must be accompanied by a reviewed or audited financial statement prepared by a licensed public accountant or a certified public accountant. This bill requires, instead, that such a renewal application be accompanied by a compilation prepared by a licensed public accountant or certified public accountant. ON MARCH 4, 2024, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1903, AS AMENDED. AMENDMENT #1 authorizes the board, without cause, to require a financial statement of the applicant that is reviewed or audited and attested to by a licensed public accountant or certified public accountant if the board has reason to believe it is in the best interest of the public safety and welfare.
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