House Bill 745 amends various sections of the Tennessee Code Annotated related to banking and garnishment procedures. It modifies Section 26-2-203(b) to require garnishees to determine within five business days if they possess or control any money or property of the judgment debtor and to notify the debtor accordingly. This section has been restructured to emphasize the garnishee's responsibilities in handling garnishments. Additionally, new subsections have been added to ensure that garnishees must provide notice to the judgment debtor within the same timeframe.

The bill also introduces provisions regarding breach of warranty claims in Sections 47-3-416(b) and 47-4-207(c), which stipulate that if a warrantor fails to pay a claim within thirty days after receiving written notice, the expenses incurred by the claimant must include reasonable attorney fees. Similar language is inserted in Section 47-4-208(b) for drawees making payments. These amendments aim to clarify the obligations of warrantors and enhance the protection of individuals making warranty claims. The act will take effect upon becoming law and will apply to actions occurring on or after that date.

Statutes affected:
Introduced: 26-2-203(b), 26-2-203, 47-3-416(b), 47-3-416, 47-3-417(b), 47-3-417, 47-4-207(c), 47-4-207, 47-4-208(b), 47-4-208