Tennessee Code Title 47. Commercial Instruments and Transactions § 47-18-5815

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

(a) A licensee shall distribute, or arrange to be distributed, a statement of accounting to a consumer:

(1) While a debt resolution services agreement is in effect:

(A) At least once per month; and

(B) On or before the fifth business day after a consumer requests a statement of accounting from a licensee; provided, that a licensee is not required to provide more than one (1) statement of accounting per month per consumer in response to the consumer's request; and

(2) Within five (5) business days from the date on which a consumer or a licensee terminates an agreement.

(b) A statement of accounting must contain the following information, to the extent applicable:

(1) The amount of money that the consumer has deposited into the consumer's dedicated account, and all withdrawals from the dedicated account, from the initiation of the consumer's debt resolution services program;

(2) The amounts, dates, and creditors associated with each resolution obtained by the licensee on behalf of the consumer;

(3) The fees that the licensee has charged to and collected from the consumer in connection with each of the consumer's resolutions;

(4) The amount of money that the consumer holds in the consumer's dedicated account; and

(5) With respect to each resolution obtained by the licensee for the consumer:

(A) The total amount of money that the consumer paid to the creditor in full discharge or satisfaction of the consumer's debt;

(B) The amount of the debt at the time the licensee and the consumer entered into the agreement;

(D) The amount of compensation that the licensee received or will receive to resolve the debt.

(c) Notwithstanding subdivisions (a)(1) and (2), a licensee that enables, or arranges to enable, twenty-four (24) hours per day, seven (7) days per week, electronic access by a consumer to all of the consumer's deposit account transaction information, including all deposit and withdrawal activity, and electronic access by a consumer to account activity, including resolution information, account status, resolution dates, resolution amounts, and fees paid, satisfies the requirements of subsections (a) and (b).

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Cite this article: FindLaw.com - Tennessee Code Title 47. Commercial Instruments and Transactions § 47-18-5815 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-47-commercial-instruments-and-transactions/tn-code-sect-47-18-5815/

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