Senate Bill 2071 amends the Tennessee Code to define and regulate "programmable money," which is characterized as currency that can be controlled by specific rules and conditions, including transaction approvals, user restrictions, and potential expiration. The bill explicitly excludes central bank digital currencies and programmable money from the definition of deposit accounts. Additionally, it establishes that it is unlawful to require individuals to use programmable money for transactions and prohibits issuers from denying transactions based on various personal characteristics, including political opinions, religious beliefs, and medical history.

The bill also outlines the rights of individuals whose transactions are denied, requiring issuers to provide a detailed explanation upon request. Violations of these provisions are classified as unfair or deceptive acts under the Tennessee Consumer Protection Act, allowing for legal recourse, including statutory and punitive damages. The act is set to take effect on July 1, 2026, and includes a severability clause to ensure that if any part is found invalid, the remaining provisions will still be enforceable.

Statutes affected:
Introduced: 47-1-201(b)(25)(C), 47-1-201, 47-1-201(b), 47-9-102(a)(29), 47-9-102, 47-18-104(b), 47-18-104