SB2723 - Tennessee: Insurance, Motor Vehicles

Insurance, Motor Vehicles - Requires all motor vehicle owners to provide evidence of financial responsibility before registering the vehicle and raises the penalty for failure to provide evidence of financial responsibility from a Class C misdemeanor punishable only by a fine not more than $100 to a Class B misdemeanor punishable only by a fine not more than $500. - Amends TCA Title 55 and Title 56.

Decrease State Revenue - Net Impact - $6,343,200/FY08-09 Net Impact - $12,686,400/FY09-10 and in Succeeding Years Decrease Local Revenue - Net Impact - $9,929,000/FY08-09 Net Impact - $19,857,900/FY09-10 and in Succeeding Years Increase Local Expenditures* - Exceeds $132,500/FY08-09 Exceeds $265,000/FY09-10 and in Succeeding Years