TN HB0745The bill extends the time for banks to respond to garnishments from one to two business days. This means that banks now have more time to determine if they have money or property belonging to someone who owes a debt. It also requires banks to notify the debtor and hold any funds during this period.
Supporters of the bill argue that it provides necessary flexibility for financial institutions to accurately assess their obligations regarding garnishments. By allowing an additional day for processing, banks can ensure that they handle these situations more effectively, ultimately benefiting both the institutions and the debtors involved.
Critics of the bill contend that extending the garnishment response time could delay the process of debt recovery for creditors. They argue that this change may allow debtors to exploit the additional time to hide or transfer assets, undermining the effectiveness of garnishments.
The analysis of Representative Robert Stevens' personal financial interests reveals a significant potential conflict of interest with HB0745. As the owner of a law practice specializing in consumer bankruptcy matters, Stevens is directly involved in legal processes that may be affected by changes in garnishment procedures. This bill, which extends the time for garnishees to respond to garnishment summonses, could impact the timing and management of funds in bankruptcy cases, potentially influencing his legal practice's operations and profitability. Additionally, Stevens' interest in a promissory note for owner financing of real estate and his 401(k) investments align with the bill's focus on financial and banking regulations. These financial interests could benefit from any regulatory changes that affect banking operations or securities, as they may influence the value or management of these assets.
Unlike federal analysis based on campaign donations, state analysis examines legislators' personal financial interests — their jobs, businesses, and investments.
| Type | Description | Industry | Source |
|---|---|---|---|
| Occupation | Attorney | Lawyers/Law Firms | AI-researched |
| Employer | Self-employed attorney | Lawyers/Law Firms | TN Legislature bio |
| Business Owner | Owner of a law practice | — | AI-researched |
| Employer | STEVENS LAW, PLLC | Lawyers/Law Firms | TN Ethics Commission |
| Employer | RESIDENTIAL RENTAL INCOME | — | TN Ethics Commission |
| Employer | COMMERCIAL RENTAL INCOME | — | TN Ethics Commission |
| Employer | INTEREST INCOME FROM FIRSTBANK | — | TN Ethics Commission |
| Employer | STEVENS TRAVELS (SOLE PROPRIETORSHIP) | — | TN Ethics Commission |
| Employer | INTEREST INCOME FROM OWNER FINANCING OF REAL PROPERTY | — | TN Ethics Commission |
| Employer | EDWARD JONES INVESTMENTS (CAPITAL GAINS) | — | TN Ethics Commission |
| Business Owner | STEVENS LAW, PLLC MEMBER/OWNER from Jan 2014 to current | Lawyers/Law Firms | TN Ethics Commission |
| Business Owner | HAMILTON PLACE CONDO ASSOCIATOIN SECRETARY from Aug 2023 to current | — | TN Ethics Commission |
| Business Owner | STEVENS TRAVELS PROPRIETOR from Jan 2023 to current | — | TN Ethics Commission |
| Asset | RESIDENTIAL RENTAL PROPERTY: 115 N. HAMPTON COURT, SMYRNA, TN 37167 | — | TN Ethics Commission |
| Asset | COMMERCIAL REAL PROPERTY: 511 ENON SPRINGS ROAD EAST, SMYRNA, TN 37167 | — | TN Ethics Commission |
| Asset | PROMISSORY NOTE (OWNER FINANCING FOR REAL ESTATE - 108 HIGHLAND DRIVE, SMYRNA, TN) | Real Estate | TN Ethics Commission |
| Asset | VANGUARD - 401(K) | Securities & Investment | TN Ethics Commission |
| Occupation | Law, ESTATE PLANNING, PROBATE, FAMILY LAW, CONSUMER BANKRUPTCY MATTERS, CIVIL LITIGATION | — | TN Ethics Commission |
Items marked "AI-researched" are generated from public sources but have not been independently verified. Verified data is sourced from official legislature websites and disclosure filings.
About This Analysis
This summary was generated using AI from the bill's official text and metadata. Data sourced from LegiScan and the Tennessee General Assembly. Conflict analysis examines the sponsor's personal financial interests for potential overlaps with the bill's subject matter.
