Amends TCA Title 45 and Title 47, Chapter 18.
Tennessee SB1125 amends the Tennessee Code Annotated to prohibit 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. The bill affects both senders and recipients of transactions by requiring notification of any fund freezes. Key provisions include a requirement for notice within 30 days if financial exploitation or fraud is suspected, and violations are classified as unfair or deceptive acts under the Tennessee Consumer Protection Act of 1977.
Tennessee SB1125 amends the Tennessee Code Annotated to prohibit 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. The bill affects both senders and recipients of transactions by requiring notification of any fund freezes. Key provisions include a requirement for notice within 30 days if financial exploitation or fraud is suspected, and violations are classified as unfair or deceptive acts under the Tennessee Consumer Protection Act of 1977.
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Yager, Ken
114th General Assembly
February 6, 2025
March 25, 2025
Assigned to General Subcommittee of Senate Commerce and Labor Committee