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Tennessee Code Title 47. Commercial Instruments and Transactions § 47-22-404

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

(a) Except as otherwise provided in subsection (b), any person that contracts with a merchant to lease a device that enables credit card, debit card, or other payment card processing shall ensure that the written contract between the payment processor and merchant clearly and conspicuously includes the following information:

(1) The cost to lease the device on a monthly basis;

(2) A reasonable approximation of the total cost to lease the device over the term of the lease calculated by multiplying the monthly lease cost by the term; provided, however, the total cost shall not include:

(A) Any obligation due a governmental body; or

(B) Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract;

(3) The minimum time period for which the device may be leased; and

(4) If an option to purchase the device is available:

(A) The total cost to purchase the device outright if the merchant were to purchase the device at the time the contract is entered into; or

(B) A toll-free telephone number that the merchant may use in order to learn the total cost to purchase the device outright or to buy out the lease agreement.

(b) The information required in subdivisions (a)(1)-(4) shall be either:

(1) Printed clearly and conspicuously on the written contract in at least fourteen-point bold font; or

(2) Handwritten clearly and conspicuously in an appropriately designated blank space on a preprinted form contract.

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Cite this article: FindLaw.com - Tennessee Code Title 47. Commercial Instruments and Transactions § 47-22-404 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-47-commercial-instruments-and-transactions/tn-code-sect-47-22-404/

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