Technological Innovation through Modernizing Enforcement Act or the TIME Act This bill limits to a maximum of eight years the duration of consent orders entered into by the Federal Trade Commission. Further, a consent order that is not related to fraud and is effective for more than five years must include a clause requiring the commission to evaluate the order after five years and terminate the order if it no longer serves its purpose. If an entity has been subject to such a consent order for at least five years, it may petition the commission to terminate the order.