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;
contract signature

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Terms Used In Tennessee Code 47-18-603

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Attorney general: means the attorney general and reporter, or the attorney general and reporter's designee. 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
  • 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
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Person: means a natural person, consumer, individual, governmental agency, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized. See Tennessee Code 47-18-2102
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • 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
  • Reporter: Makes a record of court proceedings and prepares a transcript, and also publishes the court's opinions or decisions (in the courts of appeals).
  • Truth in Lending Act: The Truth in Lending Act is a federal law that requires lenders to provide standardized information so that borrowers can compare loan terms. In general, lenders must provide information on Source: OCC
(2) “Attorney general” means the attorney general and reporter, or the attorney general and reporter’s designee;
(3) “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;
(4) “Consumer” means a natural person who rents personal property under a rental-purchase agreement;
(5) “Consummation” means the time a consumer becomes contractually obligated on a rental-purchase agreement;
(6) [Deleted by 2019 amendment.]
(7) “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
(8) “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 § 1602(g) of the Truth In Lending Act, compiled in 15 U.S.C. § 1601 et seq.;
(B) A lease which constitutes a “consumer lease” as defined in 12 C.F.R. § 213.2(e);
(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.
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