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Tennessee Code Title 45. Banks and Financial Institutions § 45-17-102

Current as of January 02, 2024 | Updated by Findlaw Staff

As used in this chapter, unless the context otherwise requires:

(1) “Check” means any payment instrument, including any customer authorization for electronic payment;

(2) “Commissioner” means the commissioner of financial institutions or the commissioner's designated representative;

(3) “Deferred presentment services” means a transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:

(A) Accepting a check dated on the date it was written; and

(B) Holding the check for a period of time prior to presentment for payment or deposit;

(4) “Department” means the department of financial institutions;

(5) “Licensee” means a person licensed to provide deferred presentment services pursuant to this chapter;

(6) “Payment instrument”:

(A) Means a check, draft, warrant, money order, traveler's check or other instrument for payment of money, whether or not negotiable, and also includes any authorization for electronic payment of money; and

(B) Does not include an instrument that is redeemable by the issuer in merchandise or service, a credit card voucher, or a letter of credit; and

(7) “Person” means an individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.

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Cite this article: FindLaw.com - Tennessee Code Title 45. Banks and Financial Institutions § 45-17-102 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-45-banks-and-financial-institutions/tn-code-sect-45-17-102/

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