Gov. Bill Haslam signed legislation Wednesday that will make it illegal for Tennessee residents to share passwords for popular online sites, such as Netflix and Napster. The new law, which will take effect July 1, was supported by the recording industry, which has lost billions of dollars in revenue from illegal downloading. Senate Bill 1659, sponsored by Senator Jim Tracy specifies that the offense of theft of services includes the theft of entertainment subscription services and provides for increased penalties when the offender has two or more prior offenses that involve theft of entertainment subscription services. The impact of the law is that sharing passwords for online content-subscription services such as Netflix (NASDAQ:NFLX) and Best Buy-owned (NASDAQ:BBY) Napster will now be punishable in the state.