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.

SB 481 removes a requirement for individuals or entities claiming seized property to post a bond when filing a claim under Tennessee's asset forfeiture laws. The bill amends Tennessee Code Annotated Sections 40-33-205(a) and 40-33-206(b) to eliminate the need for a "cost bond" in forfeiture proceedings. This change directly affects people challenging law enforcement seizures of property, making it easier to contest such seizures without upfront financial barriers. The law takes effect July 1, 2025, applying to all seizures occurring on or after that date.