2010 Tennessee Code
Title 47 - Commercial Instruments And Transactions
Chapter 18 - Consumer Protection
Part 10 - Credit Services Businesses
47-18-1006 - Contract Cancellation notice.

47-18-1006. Contract Cancellation notice.

(a)  Every contract between a consumer and a credit services business for the purchase of the services of the credit services business shall be in writing, dated, signed by the consumer, and shall include all of the following:

     (1)  A conspicuous statement in size equal to at least ten (10) point bold type, in immediate proximity to the space reserved for the signature of the consumer, as follows:  

“You, the buyer, may cancel this contract at any time prior to twelve o'clock midnight (12:00) of the fifth business day after the date of the transaction. See the attached notice of cancellation form for an explanation of this right.”;

     (2)  The terms and conditions of payment, including the total of all payments to be made by the consumer, whether to the credit services business or to some other person;

     (3)  A complete and detailed description of the services to be performed and the results to be achieved by the credit services business for or on behalf of the consumer, including all guarantees and all promises of full or partial refunds and a list of the adverse information appearing on the consumer's credit report that the credit services business expects to have modified; and

     (4)  The principal business address of the credit services business and the name and address of its agent in this state authorized to receive service of process.

(b)  (1)  The contract shall be accompanied by a completed form in duplicate, captioned “NOTICE OF CANCELLATION,” which shall be attached to the contract and easily detachable, and which shall contain in at least ten (10) point bold type the following statement: