47-18-501 - Definitions. - Tennessee Statutes

47-18-501. Definitions.

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

     (1)  “Business day” means any day other than a Saturday, Sunday, or legal holiday;

     (2)  “Buyer” or “member” means any status by which any natural person is entitled to any of the benefits of a discount buying organization;

     (3)  “Buying service,” “buying club,” or “club” means any person, corporation, partnership, unincorporated association, or other business enterprise operating for profit within the state of Tennessee, the primary purpose of which is to provide benefits to members from the cooperative purchase of services or merchandise;

     (4)  “Contract” means any oral or written agreement by which one becomes a member of a club;

     (5)  “Division” means the consumer affairs division of the department of commerce and insurance; and

     (6)  “Prepayment” means any payment greater than fifty dollars ($50.00) for service, merchandise, or membership made before the service is rendered. Money received by a club from a financial institution upon assignment of a contract shall be considered prepayment when and to the extent the member is required to make prepayments to the financial institution pursuant to the contract.

[Acts 1986, ch. 863, § 1.]