(a) A cardholder may terminate a multiple-party account to which the cardholder is a party by:

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Terms Used In Tennessee Code 47-22-202

  • Account: means the account between a card issuer and one (1) or more cardholders reflecting the outstanding balance of card transactions. See Tennessee Code 47-22-201
  • card: means any card, plate, coupon book or other single credit device that is issued primarily for consumer credit purposes and that may be used from time to time to obtain credit, including, but not limited to, a card that may be used to effect transactions governed by chapter 11 of this title. See Tennessee Code 47-22-201
  • Card user: means any person authorized by the card issuer and all cardholders on an account to use a card pertaining to the account, but who is not obligated on the account of the issuer. See Tennessee Code 47-22-201
  • Cardholder: means a natural person residing in Tennessee who has agreed with a card issuer to pay debts arising from card transactions, whether the card used in such transactions has been issued to the cardholder or to another person. See Tennessee Code 47-22-201
  • issuer: means a person doing business in Tennessee that issues a credit card or that person's agent or assignee with respect to the card. See Tennessee Code 47-22-201
  • Multiple-party account: means any account under which two (2) or more cardholders, or one (1) or more cardholders and one (1) or more card users, may effect card transactions. See Tennessee Code 47-22-201
  • 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
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Delivery to the issuer of written notice of termination, which shall include:

(A) The account number;
(B) The name(s) and current address(es) of all cardholders and card users on the account; and
(C) The cardholder’s certification that the cardholder has sent or delivered a copy of the notice to each cardholder and card user;
(2) Sending or delivering a copy of the notice to each other cardholder and to each card user;
(3) Unless the issuer otherwise agrees, payment in full of the current balance of the account reflected on the most recent billing statement for the account sent by the issuer or, if less, the actual balance then outstanding; and
(4) Surrender to the issuer of all cards in the cardholder’s possession or control.
(b) The terminating cardholder’s failure to comply with subsection (a) shall not subject the card issuer to any liability as a result of any action or nonaction in reliance on the notice of termination.
(c) If the cardholder’s account is not a multiple-party account, the cardholder may terminate it by delivery of written notice of termination, which need merely state the account number and the cardholder’s intention to terminate, and surrender of all cards in the cardholder’s possession or control.
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