AN ACT to amend Tennessee Code Annotated, Section 56-7-111, relative to property or casualty insurance.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 56-7-111 is amended by adding the following language to the end thereto:

The insurance company shall name the general contractor as payee on such draft pursuant to this section regardless of whether the work which was performed or is yet to be performed is less than twenty-five thousand dollars ($25,000).

SECTION 2. This act shall take effect upon becoming a law, the public welfare requiring it.