AN ACT to amend Tennessee Code Annotated, Title 29; Title 39; Title 47; Title 48 and Title 67, relative to ticket sales.
If enacted, SB1523 will establish rules that limit the additional fees that ticket vendors can impose on top of the face value of tickets, capping these fees at 15%. This cap is designed to prevent consumers from being subjected to inflated prices that often occur in the resale market. The legislation also mandates that ticket vendors clearly disclose the face value of the ticket, any additional mandatory fees, and the total cost, improving consumer awareness and allowing for more informed purchasing decisions.
Senate Bill 1523, introduced by Senator Campbell, aims to amend various titles in the Tennessee Code Annotated related to ticket sales, focusing on regulating the practices of ticket vendors in the entertainment industry. The bill defines key terms such as 'entertainment event', 'first sale ticket', and 'ticket vendor', providing a clearer framework for how tickets can be sold and purchased within the state. One of the primary goals of the bill is to enhance transparency in ticket pricing and to protect consumers from exorbitant fees charged by resale vendors.
Notable points of contention surrounding SB1523 include concerns from ticket vendors and industry stakeholders regarding the feasibility of the cap on additional fees. Critics argue that the cap could hinder market competition and affect the profitability of certain vendors, especially those in the resale market who argue that higher fees are necessary to cover costs. Supporters of the bill assert that the reforms are vital for consumer protection and will foster fairer practices in the ticketing industry, aiming to diminish the shock of inflated prices when consumers seek access to popular events.