Plain English Breakdown
The bill summary and text do not provide details on the consequences if suspicious activity is confirmed after ten days.
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 non-securities related transactions they suspect might be fraudulent from five business days to ten business days.
What This Bill Does
- Changes Tennessee law to give financial service providers more time to review suspicious, non-securities related financial transactions.
- Extends the period for reviewing non-securities related financial transactions from five to ten business days.
Who It Names or Affects
- Financial service providers in Tennessee
- Consumers involved in suspicious, non-securities related financial transactions
Terms To Know
- Suspicious transaction
- A financial activity that a provider thinks might be fraudulent or illegal.
- Financial service provider
- An organization like a bank, credit union, or other company that handles money transactions for people.
Limits and Unknowns
- The bill only applies to non-securities related financial transactions in Tennessee.
- It does not specify what happens if the suspicious activity is confirmed after ten days.