Chapter Definitions

1. Law
2. Tennessee Code
3. Banks and Financial Institutions
4. Deferred Presentment Services
5. Chapter Definitions

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:
   1. Accepting a check dated on the date it was written; and
   2. 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”:
   1. 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
   2. 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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