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Tennessee Code Title 47. Commercial Instruments and Transactions § 47-18-130

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

(a) For purposes of this section:

(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.

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Cite this article: FindLaw.com - Tennessee Code Title 47. Commercial Instruments and Transactions § 47-18-130 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-47-commercial-instruments-and-transactions/tn-code-sect-47-18-130/

Read this complete Tennessee Code Title 47. Commercial Instruments and Transactions § 47-18-130 on Westlaw

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