Senate Bill 35 amends Tennessee Code Annotated regarding the sale of speculative tickets by third-party resellers. The bill deletes the existing Section 47-50-119 and introduces a new definition for "speculative ticket" in Section 47-50-121(a), which specifies that a speculative ticket is one that is not in the actual or constructive possession of the reseller at the time of sale, advertisement, or listing. The bill further establishes that third-party ticket resellers are prohibited from selling or offering speculative tickets, and those operating online platforms must not allow such sales.

Additionally, the bill mandates enforcement of these provisions by the division of consumer affairs within the office of the attorney general. It stipulates penalties of $5,000 for each violation of the speculative ticket sales prohibition and allows individuals or entities to pursue legal action against resellers who violate these rules. The act is set to take effect on July 1, 2025, and will apply to conduct occurring on or after that date.

Statutes affected:
Introduced: 47-50-119, 47-50-121(a), 47-50-121