Amends TCA Title 40, Chapter 33.
Tennessee HB1229 amends existing laws regarding the process of property forfeiture by eliminating the requirement for secured parties and claimants to file a cash bond when asserting claims to seized property, effective for seizures occurring on or after July 1, 2025. The bill affects individuals and entities with a security interest in seized property and those asserting claims to such property. Key provisions include the removal of bond requirements and the stipulation that secured parties need only provide proof of their interest within 30 days of notification to protect their rights.
Tennessee HB1229 amends existing laws regarding the process of property forfeiture by eliminating the requirement for secured parties and claimants to file a cash bond when asserting claims to seized property, effective for seizures occurring on or after July 1, 2025. The bill affects individuals and entities with a security interest in seized property and those asserting claims to such property. Key provisions include the removal of bond requirements and the stipulation that secured parties need only provide proof of their interest within 30 days of notification to protect their rights.
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