TN HB2060

Banks (state banks, savings and loan associations, and credit unions) are prohibited from converting consumer funds into digital currency, cryptocurrency, or any digital medium of exchange without express written authorization from the consumer

Commissioner of Financial Institutions may impose civil penalties up to $1,000 per violation, or $1,000 per day for continuing violations, plus investigation and prosecution costs

Aggrieved consumers may file private civil lawsuits against violating banks and recover actual damages, punitive damages, court costs, and attorney fees

Effective date is July 1, 2026, applying only to conduct occurring on or after that date