National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
Person: means a natural person, individual, governmental agency, partnership, corporation, trust, estate, incorporated or unincorporated association, and any other legal or commercial entity however organized. See Tennessee Code 47-18-103
Services: means any work, labor, or services including services furnished in connection with the sale or repair of goods or real property or improvements thereto. See Tennessee Code 47-18-103
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
Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) “Travel promoter” means a person who:
(A) Maintains one (1) or more business entities or physical business locations in this state; and(B) Sells, provides, furnishes, contracts for, or arranges travel services on behalf of another person for a fee, commission, or other valuable consideration;(2) “Travel promoter” does not include:
(A) A transportation carrier if the transportation carrier provides, furnishes, contracts for, or arranges only transportation services that are directly provided by the transportation carrier as the substantial portion of the transportation carrier’s business; or(B) A publicly traded company as defined under § 67-4-2008(a)(5)(D);(3) “Travel services”:
(A) Means arranging or booking vacation or travel packages, travel reservations, or travel accommodations; and(B) Does not include property or estate management services.(b)(1) A travel promoter shall not commingle in the same account or fund those funds that belong to the travel promoter or the travel promoter’s business entity with customer funds that are held for disbursement for payment of travel services.(2) A travel promoter shall deposit into a trust account any funds the travel promoter receives from a customer for disbursement for payment of travel services.(c)(1) Each travel promoter that conducts business in this state shall establish and maintain a separate general trust account in a state or national bank authorized by law to administer trust funds in this state.(2) Funds required by subsection (b) to be deposited in a trust account must be identified or earmarked with an identifier unique to the customer or transaction for which the funds were deposited and are being held for disbursement.(d) A violation of this section constitutes an unfair or deceptive act prohibited under § 47-18-104, and is punishable as provided in this part. Each act in violation of this section constitutes a separate violation.
