Senate Bill 35 amends Tennessee Code Annotated regarding the sale of speculative tickets by third-party resellers. The bill deletes Section 47-50-119 entirely and introduces a new definition for "speculative ticket" in Section 47-50-121(a). A speculative ticket is defined as one that is not in the actual or constructive possession of the reseller at the time of sale, advertisement, or listing, and includes tickets that are neither owned by the reseller nor under contract for transfer to them.

Additionally, the bill establishes new regulations in Section 47-50-121(e), prohibiting third-party ticket resellers from selling or offering speculative tickets. It mandates that the Division of Consumer Affairs enforce these regulations, allowing consumers to submit complaints for violations. Penalties for violations are set at $5,000 per instance, and individuals may also pursue legal action for damages if they believe a reseller has violated the new provisions. 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