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, or if the customer is a named party in a judicial proceeding. Additionally, it states that if a financial institution reasonably believes a customer is deceased, there is no obligation to confirm service of the subpoena on the customer or their estate.

The bill also revises Sections 45-10-111 and 45-10-112, which pertain to the delivery and confidentiality of financial records. It specifies that records must be delivered according to the manner outlined in the subpoena or, if unspecified, by an agreed method between the issuer and custodian, including electronic submission. Furthermore, upon receipt, the issuer is required to retain the records securely and confidentially, disclosing them only to authorized individuals related to the proceeding. The act is set to take effect on July 1, 2026.

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