On April 11, Tennessee enacted SB 816 (the “Act”), focusing on protecting consumers from consumer reporting agency practices. The primary change is the amendment of Section 47-18-2108(b), stating that “a consumer reporting agency shall place a security freeze on a consumer report no later than three (3) business days after receiving the written or electronic request from the Tennessee consumer” — changing the timeframe for consumers to cancel certain transactions to a period of five (5) business days. This change applies to transactions covered under the specified section, which includes contracts or agreements subject to cancellation rights. The Act stated the changes will take effect immediately upon becoming law.
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