Tennessee § 45-2-1206 - Legislative intent.

§ 45-2-1206. Legislative intent.

It is the intent of the general assembly in adopting this part to allow financial service providers the discretion to take actions to assist in detecting and preventing financial exploitation without liability. The general assembly recognizes that financial service providers are in a unique position by conducting financial transactions on behalf of and at the request of their customers. Financial service providers have duties imposed by contract and duties imposed by both federal and state law to conduct financial transactions requested by their customers faithfully and timely in accordance with the customer's instructions. Further, financial service providers do not have a duty to contravene the valid instructions of their customers, nor to prevent criminal activity directed at their customers, and nothing in this part creates such a duty. Acts 2017, ch. 264, § 1. Compiler's Notes. Acts 2017, ch. 264, § 1 enacted a new part 22, §§ 45-2-2201 — 45-2-2206 , but the part has been redesignated as part 12, §§ 45-2-1201 — 45-2-1206 by authority of the Code Commission. Acts 2017, ch. 264, § 6 provided that the Department of Financial Institutions is encouraged, within existing public or private resources, to consult with financial service providers as defined in this act, the Tennessee Commission on Aging and Disability, and the Department of Human Services to consider distributing public education and information to alert the public to the dangers posed to elderly and vulnerable adults by financial exploitation. Acts 2017, ch. 264, § 7 provided that the act, which enacted this section, shall be repealed on June 30, 2022. However, Acts 2020, ch. 605, § 9 deleted the language of chapter 264 of the Public Acts of 2017, which provided for the repeal.