House Bill 1523 amends several sections of the Tennessee Code Annotated related to financial records. It modifies Section 45-10-106 by requiring that a copy of a subpoena be served upon the customer if they are available, and clarifies that if a financial institution believes a customer is deceased, it is not obligated to confirm service of the subpoena on the customer or their estate. Additionally, Section 45-10-111 is revised to specify that records must be delivered to the issuer as outlined in the subpoena, or by an agreed-upon method if not specified, including electronic submission. If no agreement can be reached, the custodian has the option to deliver the records through various means, including physical delivery or mail.

Furthermore, Section 45-10-112 is amended to require that upon receipt of the records, the issuer must retain them securely and confidentially, disclosing them only to authorized individuals or entities related to the proceeding for which the subpoena was issued. The bill is set to take effect on July 1, 2026, emphasizing the importance of maintaining confidentiality and proper procedures in handling financial records.

Statutes affected:
Introduced: 45-10-106, 45-10-111, 45-10-112