2019 Tennessee Code
Title 45 - Banks and Financial Institutions
Chapter 17 - Deferred Presentment Services
§ 45-17-102. Chapter definitions.
- As used in this chapter, unless the context otherwise requires:
(1) “Check” means any payment instrument, including any customer authorization for electronic payment;
(2) “Commissioner” means the commissioner of financial institutions or the commissioner's designated representative;
(3) “Deferred presentment services” means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
(A) Accepting a check dated on the date it was written; and
(B) Holding the check for a period of time prior to presentment for payment or deposit;
(4) “Department” means the department of financial institutions;
(5) “Licensee” means a person licensed to provide deferred presentment services pursuant to this chapter;
(6) “Payment instrument”:
(A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and
(B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and
(7) “Person” means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
