(a) Before the execution of a contract or agreement between a consumer and a credit services business or the receipt by the credit services business of any money or other valuable consideration, whichever occurs first, the credit services business shall provide the consumer with an information statement in writing containing all of the information required under § 47-18-1005.

Terms Used In Tennessee Code 47-18-1004

  • Consumer: means any individual who is solicited to purchase or who purchases the services of a credit services business. See Tennessee Code 47-18-1002
  • Contract: A legal written agreement that becomes binding when signed.
  • Credit services business: means any person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that such person can or will sell, provide, or perform any of the following services in return for the payment of money or other valuable consideration:
    (i) Improving a consumer's credit record, history, or rating. See Tennessee Code 47-18-1002
  • File: when used in connection with information on any consumer, means all of the information on that consumer recorded and retained by a consumer reporting agency regardless of how the information is stored. See Tennessee Code 47-18-1002
  • 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
(b) The credit services business shall maintain on file or microfilm for a period of two (2) years from the date of the consumer’s acknowledgement an exact copy of the information statement personally signed by the consumer acknowledging receipt of a copy of the information statement.
  Previous section
Next section  
 Part 10 Contents