buyer: means a person who buys goods or obtains services from a retail seller in a retail installment transaction and not principally for the purpose of resale. See Tennessee Code 47-11-102
Goods: includes goods which, at the time of the sale or subsequently, are to be so affixed to real property as to become a part thereof, whether or not severable therefrom. See Tennessee Code 47-11-102
Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
Retail charge agreement: means an instrument or instruments prescribing the terms of retail installment transactions which may be made thereafter from time to time pursuant thereto, under which the buyer's total unpaid balance, whenever incurred, is payable in installments over a period of time and under the terms of which a time price differential, as defined in subdivision (10), is to be computed in relation to the buyer's unpaid balance from time to time. See Tennessee Code 47-11-102
seller: means a person regularly engaged in, and whose business consists to a substantial extent of, selling goods to a retail buyer. See Tennessee Code 47-11-102
Services: means work or labor furnished, whether or not furnished in connection with the delivery, installation, servicing, repair or improvement of goods and includes repairs, alterations or improvements upon or in connection with real property. See Tennessee Code 47-11-102
signed: includes a mark, the name being written near the mark and witnessed, or any other symbol or methodology executed or adopted by a party with intention to authenticate a writing or record, regardless of being witnessed. See Tennessee Code 1-3-105
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
Time price differential: means the amount, however denominated or expressed, which the retail buyer contracts to pay or pays for the privilege of purchasing goods or services to be paid for by the buyer in installments. See Tennessee Code 47-11-102
transaction: means a contract to sell or furnish or the sale of or the furnishing of goods or services by a retail seller to a retail buyer pursuant to a retail installment contract or a retail charge agreement. See Tennessee Code 47-11-102
(1) Every retail charge agreement shall be in writing and shall be signed by the retail buyer.(2) A retail charge agreement shall be deemed to be signed or accepted by the retail buyer if, after a request for a retail charge account, such agreement or application for a retail charge account is in fact signed by the retail buyer, or if that retail charge account is used by the retail buyer or another person authorized by the retail buyer to use the account. The agreement shall provide that it shall not become effective unless and until the seller or assignee has provided the disclosures required pursuant to the federal Truth-in-Lending Act, compiled in 15 U.S.C. § 1601 et seq., the retail buyer or a person authorized by the retail buyer uses the retail charge account, and the seller or assignee extends credit to the retail buyer for that transaction on the retail charge account.(3) A copy of any such agreement executed on or after March 15, 1961, shall at the request of the buyer be delivered or mailed to the retail buyer by the retail seller prior to the date on which the first payment is due under the agreement. An acknowledgment of the delivery thereof contained in the body of the agreement shall be presumptive proof of delivery in any action.(4) All agreements executed on or after March 15, 1961, shall state the amount of, or the method of calculating, the time price differential to be charged and paid pursuant thereto or shall state that a time price differential not in excess of that permitted by this chapter will be charged and paid accordingly.(b) Monthly Statements; Payment in Full Privilege.(1) The retail seller under a retail charge agreement shall promptly supply the retail buyer under such agreement with a statement as of the end of each monthly period (which need not be a calendar month) or other regular period agreed upon by the retail seller and the retail buyer, in which there is any unpaid balance thereunder, which shall recite the following:
(A) The unpaid balance under the retail charge agreement at the beginning and end of the period;(B) Unless otherwise furnished by the retail seller to the retail buyer by sales slip, memorandum, or otherwise, an identification of the goods or services purchased during the period, the cash price, and the date of each purchase;(C) The payments made by the retail buyer to the retail seller and any other credits to the retail buyer during the period;(D) The amount of the time price differential, if any; and(E) A legend to the effect that the retail buyer may at any time pay the total balance, if such legend is not stated in the original contract signed by the buyer.(2) The subdivisions need not be stated in the sequence or order set forth above, and additional items may be included to explain the computations made in determining the amount to be paid by the retail buyer.(c) Time Price Differential. Notwithstanding any other law, the seller and assignee under a retail charge agreement may charge, receive and collect a time price differential which shall not exceed seventeen and one-half cents (17½¢) per ten dollars ($10.00) per month, computed from month to month (which need not be a calendar month) or other regular period, on all amounts unpaid from time to time under the agreement. The time price differential under this subsection (c) may be computed for all unpaid balances within a range of not in excess of ten dollars ($10.00) on the basis of the median amount within such range, if as so computed such time price differential is applied to all unpaid balances within such range. A minimum time price differential not in excess of seventy cents (70¢) per month may be charged, received and collected under each such agreement.
