Amends TCA Title 45 and Title 47, Chapter 18.
Tennessee HB1011 prohibits operators of online payment systems from freezing users' funds without prior written notice, effective for contracts or agreements entered into, amended, or renewed on or after July 1, 2025. It affects users of online payment systems by requiring that all parties involved in a transaction receive notification before funds can be frozen. The bill also mandates that if financial exploitation or fraud is suspected, notice must be provided within 30 days of freezing the funds, and violations are classified as unfair or deceptive acts under the Tennessee Consumer Protection Act.
Tennessee HB1011 prohibits operators of online payment systems from freezing users' funds without prior written notice, effective for contracts or agreements entered into, amended, or renewed on or after July 1, 2025. It affects users of online payment systems by requiring that all parties involved in a transaction receive notification before funds can be frozen. The bill also mandates that if financial exploitation or fraud is suspected, notice must be provided within 30 days of freezing the funds, and violations are classified as unfair or deceptive acts under the Tennessee Consumer Protection Act.
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Fritts, Monty
114th General Assembly
February 5, 2025
March 19, 2025
Failed in s/c Banking and Consumer Affairs Subcommittee of Commerce Committee