2010 Tennessee Code
Title 47 - Commercial Instruments And Transactions
Chapter 18 - Consumer Protection
Part 6 - Rental-Purchase Agreements
47-18-603 - Definitions.
47-18-603. Definitions.
As used in this part, unless the context otherwise requires:
(1) Advertisement means a commercial message in any medium that aids, promotes, or assists directly or indirectly a rental-purchase agreement;
(2) Cash price means the price at which the lessor would have sold the property to the consumer for cash on the date of the rental-purchase agreement;
(3) Consumer means a natural person who rents personal property under a rental-purchase agreement;
(4) Consummation means the time a consumer becomes contractually obligated on a rental-purchase agreement;
(5) Division means the division of consumer affairs in the department of commerce and insurance;
(6) Lessor means a person who, in the ordinary course of business, regularly leases, offers to lease, or arranges for the leasing of property under a rental-purchase agreement; and
(7) Rental-purchase agreement means an agreement for the use of personal property by a natural person primarily for personal, family, or household purposes, for an initial period of four (4) months or less (whether or not there is any obligation beyond the initial period) that is automatically renewable with each payment and that permits the consumer to become the owner of the property. Rental-purchase agreement shall not be construed to be, nor be governed by, any of the following:
(A) A lease or agreement which constitutes a credit sale as defined in 12 C.F.R. 226.2(a)(16) and Section 1602(g) of the Truth In Lending Act, 15 U.S.C. § 1601 et seq.;
(B) A lease which constitutes a consumer lease as defined in 12 C.F.R. 213.2(a)(6);
(C) Any lease for agricultural, business, or commercial purposes;
(D) Any lease made to an organization;
(E) A lease or agreement which constitutes a retail installment contract or retail installment transaction as defined in § 47-11-102;
(F) A security interest as defined in § 47-1-201; or
(G) A home solicitation sale as defined in § 47-18-702.
[Acts 1987, ch. 225, § 4.]
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