Tennessee HB1011 amends state code to regulate online payment systems, requiring notice before freezing funds and defining terms.

Tennessee HB1011 amends Tennessee Code Annotated, Title 45 and Title 47, Chapter 18, to regulate online payment systems. It mandates that operators of these systems must provide written notice to users before freezing their funds, except in cases of suspected financial exploitation or fraud. The notice must comply with federal regulations if applicable. The bill also defines "online payment system" and "user," and specifies that violations are considered unfair or deceptive acts.

Tennessee HB1011 amends state code to regulate online payment systems, requiring notice before freezing funds and defining terms.

Tennessee HB1011 amends Tennessee Code Annotated, Title 45 and Title 47, Chapter 18, to regulate online payment systems. It mandates that operators of these systems must provide written notice to users before freezing their funds, except in cases of suspected financial exploitation or fraud. The notice must comply with federal regulations if applicable. The bill also defines "online payment system" and "user," and specifies that violations are considered unfair or deceptive acts.