Amends TCA Title 4; Title 12; Title 45 and Title 47.

For purposes of ensuring that this state has jurisdiction over its systems, state departments, agencies, and pension funds, this bill requires municipalities and political subdivisions of this state to require that contracts, subcontracts, agreements, or other arrangements for systems involving financial transactions, products, and services, and contracts or arrangements for the purchase of products and services dependent on such financial transaction services and systems paid for with state funds or providing access to state data, are subject to the jurisdiction of this state and subject to enforcement under the Tennessee Constitution, state laws and regulations through Tennessee law enforcement agencies, and the courts of this state. This bill prohibits a government agency or instrumentality from renewing or amending such a contract, agreement, or arrangement that is not subject to the jurisdiction of this state or that is subject to a choice of law provision that requires that the applicable law or enforcement for the contract, agreement, or arrangement lies outside of this state, unless such amendment or renewal brings the contract or arrangement into full compliance with this bill. This bill requires the commissioner of each state department to develop a written plan stating how the respective department must conduct its financial transactions and related communications in the event that electronic transactions by existing means are compromised, restricted, or not possible and to issue a report on such plan by August 1, 2024. The report must be made available to the governor, the treasurer, the comptroller, the attorney general, the department of finance and administration, and each member of the general assembly. This bill authorizes the departments to assemble one or more intergovernmental task forces to produce one or more joint contingency plans in order to achieve compliance with this bill. However, such an interdepartmental task force must invite members and the staff of the house and senate finance, ways and means committees to join as observers.