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TFCA Legislative Success: Price Gouging Statute Reform

This legislation will:

 

 

 

  1. Split off the declaration of a state of emergency from the declaration of the price gouging statute

     

This means that whenever the TN or TEMA declares a state of emergency, the price gouging statute will NOT be triggered.  Enacting the price gouging statute will require a separate declaration from the Governor.  The declaration will last 15 days instead of the current thirty, and will be commodity specific and location specific.

 

 

 

  1. Makes clearer how business pricing may be conducted when the price gouging statute is declared, geared toward allowing market pricing

     

Establishes that a price increase is not grossly excessive if such increase was directly attributable to: (a) price increases in applicable regional, national, or international commodity markets; (b) pricing set forth in any pre-existing agreement, including stored and in-transit inventory; (c) additional costs imposed on the person by the supplier of the goods or services; or (d) additional costs for labor, services, or material used to provide the goods or services, including costs of replacement inventory, additional costs to transport goods or services, and additional labor charges.

 

 

 

  1. Prohibits local option

     

Meaning that a city or county cannot pass additional legislation to regulate price gouging during emergencies, leaving businesses with multiple standards to deal with