Tennessee Code 47-18-604 – Required disclosures
Current as of: 2024 | Check for updates
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Terms Used In Tennessee Code 47-18-604
- 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. See Tennessee Code 47-18-603
- Consumer: means a natural person who rents personal property under a rental-purchase agreement. See Tennessee Code 47-18-603
- Consummation: means the time a consumer becomes contractually obligated on a rental-purchase agreement. See Tennessee Code 47-18-603
- Contract: A legal written agreement that becomes binding when signed.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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. See Tennessee Code 47-18-603
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- 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. See Tennessee Code 47-18-603