My friend recently purchased D3 as an upgrade from the starter version. In game he is unable to trade or even pick up drops that are not account bound and are trade able to him.

I have done some research and someone was saying there is a 72 hour lock on a new account for trading and others say that is false. Does anyone know if this is a true lock or not or what the issue may be?

no one know!

I recently got another account you cant loot share till the payment clears. Mine took about 15 hours before i could lootshare

I need her money countin'

its true it can take up to 72 hours for a new account to be permed

It can ever take more than 72 hours (happened to me) depends on people but yes it can take over up to 72 hours before he can trade and whatever.