Amends TCA Title 45.
Tennessee SB1280 mandates that state-chartered banks undergo an annual audit of their financial statements at intervals no longer than 15 months, unless their statements are part of a holding company's consolidated audit. The bill affects state-chartered banks and includes key provisions requiring the bank's board to review and document the audit, submit a copy of the audit to the commissioner of financial institutions within 45 days, and notify the commissioner of any changes in their independent public accountant.
Tennessee SB1280 mandates that state-chartered banks undergo an annual audit of their financial statements at intervals no longer than 15 months, unless their statements are part of a holding company's consolidated audit. The bill affects state-chartered banks and includes key provisions requiring the bank's board to review and document the audit, submit a copy of the audit to the commissioner of financial institutions within 45 days, and notify the commissioner of any changes in their independent public accountant.
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