Plain English Breakdown
Checked against official source text during the last sync.
Extending Time for Financial Service Providers to Review Suspicious Transactions
This bill changes Tennessee law to extend the period during which financial service providers can refuse or delay transactions they suspect might be fraudulent from five business days to ten business days, but only applies to non-securities related financial transactions.
What This Bill Does
- Changes Tennessee law to give financial service providers more time to review suspicious transactions.
- Extends the period for reviewing potentially fraudulent activities from five business days to ten business days.
- Applies only to non-securities related financial transactions.
Who It Names or Affects
- Financial service providers in Tennessee
- Consumers involved in financial transactions under suspicion of fraud
Terms To Know
- Suspicious Transaction
- A financial transaction that a provider suspects might be fraudulent or illegal.
- Financial Service Provider
- An organization that offers services related to managing money and investments, like banks or credit unions.
Limits and Unknowns
- The bill does not specify how financial service providers should use this extra time.
- It is unclear what the consequences are if a provider fails to review transactions within ten business days.