SB1125 amends Tennessee law to require online payment systems to notify users before freezing funds.
SB1125 amends Tennessee law to require operators of online payment systems to notify users before freezing funds, except when there is a reasonable belief of financial exploitation, fraud, or regulatory violations. The notice must be provided within 30 days of freezing the funds and must comply with federal regulations if applicable. A violation of this requirement constitutes an unfair or deceptive act under Tennessee law. The act applies to contracts or agreements entered into, amended, or renewed on or after July 1, 2025.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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