Tennessee SB2522 amends state law to prohibit banks from converting consumer funds into digital currency without written authorization.
Tennessee SB2522 amends Tennessee Code Annotated, Title 45, to include a prohibition on banks converting consumer funds into digital currency without express, written authorization. The commissioner of financial institutions can order banks to cease violations, pay civil penalties, and cover investigation costs. Consumers can also bring civil actions against banks for violations, seeking actual damages, punitive damages, and attorney fees. The act takes effect July 1, 2026.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.