Senate Bill 35 aims to amend 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 prohibits third-party ticket resellers from selling or offering speculative tickets and mandates that any electronic platform facilitating ticket resales must not allow such transactions.

Additionally, the bill establishes enforcement mechanisms through the division of consumer affairs in the office of the attorney general. It stipulates that violations of the new regulations will incur a penalty of $5,000 per instance, with each sale or offer of a speculative ticket counted as a separate violation. Furthermore, individuals or entities who believe a reseller has violated these provisions can pursue legal action, with courts required to award actual damages, attorney fees, and reasonable court costs to the prevailing party. The act is set to take effect on July 1, 2025, applying to conduct occurring on or after that date.

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