Burchett Passes Legislation To Help Businesses

Nashville, Tenn. – State Sen. Tim Burchett (R-Knoxville) announced that SB 1871 passed the Senate on Wednesday.  The bill is the first bill Burchett has passed this session to relieve government regulation of business.

“This bill is going to give companies an opportunity to expand the scope of their business,” said Burchett. 

SB 1871 provides a window in which a licensed money transmitter may organize a credit card state bank if the transmitter has a net worth of over $25 million as of Jan. 1, 2007.  The transmitter must also have had its principal place of business in Tennessee for five consecutive years.  The window would last until July 1, 2012.

All companies that qualify would still have to comply with applicable state laws and any applications for charters would be subject to approval by the Department of Financial Institutions.

###