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TN HB1278
Bill
Status
5/27/2025
Primary Sponsor
Timothy Hill
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AI Summary
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Establishes the Hurricane Helene interest payment fund to pay local governments' loan charges and interest costs on money borrowed for eligible disaster recovery expenses
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Covers interest payments for up to 3 years, capped at 5% or the prime interest rate, whichever is lower
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Eligible loan charges include origination fees, application fees, appraisal fees, payment processing fees, and brokerage fees
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Limits eligibility to local governments in counties included in the federal disaster declaration for Hurricane Helene
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Passed April 22, 2025 and signed by Governor Bill Lee on May 21, 2025, taking effect immediately
Legislative Description
AN ACT to amend Tennessee Code Annotated, Title 4; Title 5; Title 6; Title 7; Title 9 and Title 58, relative to providing financial assistance in counties impacted by Hurricane Helene.
Public Funds and Financing
Last Action
Effective date(s) 05/21/2025
5/27/2025