Forfeiture of Assets - As enacted, removes the requirement for a claimant to post a bond when filing a claim to seized property. - Amends TCA Title 40, Chapter 33.

HB 1229 modifies Tennessee's asset forfeiture laws by removing the requirement for claimants to post a bond when filing claims for seized property. This change directly affects individuals or businesses seeking to recover property seized by law enforcement under forfeiture proceedings. The bill deletes language requiring a "cost bond or" in Tennessee Code Annotated §40-33-205(a) and removes subsection (b) from §40-33-206, streamlining the claim process. The law will take effect July 1, 2025, applying to all seizures occurring on or after that date.