(a) If an advertisement for a rental-purchase agreement refers to or states the amount of any payment or the right to acquire ownership for any specific item, the advertisement also must state clearly and conspicuously the following items, as applicable:

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Terms Used In Tennessee Code 47-18-610

  • Advertisement: means a commercial message in any medium that aids, promotes, or assists directly or indirectly a 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
  • 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
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) That the transaction advertised is a rental-purchase agreement;
(2) The total of payments necessary to acquire ownership; and
(3) That the consumer acquires no ownership rights if the total amount necessary to acquire ownership is not paid.
(b) Any owner or personnel of any medium in which an advertisement appears or through which it is disseminated shall not be liable under this section.
(c) Subsection (a) does not apply to an advertisement which does not refer to a specific item of merchandise. The disclosures also need not be made in an advertisement which does not refer to or state the amount of any payment, and which is published in the yellow pages of a telephone directory or any similar directory of business.
(d) With respect to matters specifically governed by the federal Consumer Credit Protection Act, compliance with such act satisfies the requirements of this section.
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