Tennessee § 47-22-404 - Information to be included in contract between payment processor and merchant leasing payment card processing devices.
Full text of Tennessee Tennessee Code Annotated § 47-22-404 — Information to be included in contract between payment processor and merchant leasing payment card processing devices., with citation guidance and answers to common questions.
§ 47-22-404. Information to be included in contract between payment processor and merchant leasing payment card processing devices.
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: The cost to lease the device on a monthly basis; 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: Any obligation due a governmental body; or Any fees or charges incurred by the merchant due to the merchant's noncompliance with the terms of the contract; The minimum time period for which the device may be leased; and If an option to purchase the device is available: 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 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. The information required in subdivisions (a)(1)-(4) shall be either: Printed clearly and conspicuously on the written contract in at least fourteen-point bold font; or Handwritten clearly and conspicuously in an appropriately designated blank space on a preprinted form contract. Acts 2015, ch. 218, § 1. Compiler's Notes. Acts 2015, ch. 218, § 3 provided that the act, which enacted this section, shall apply to agreements entered into or renewed on or after January 1, 2016. The act shall not apply to agreements that are renewed via an automatic renewal provision if the agreement was initially entered into before January 1, 2016. Effective Dates. Acts 2015, ch. 218, § 3. January 1, 2016.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 47-22-404
What does Tennessee Code Annotated § 47-22-404 cover?
Section 47-22-404 ("Information to be included in contract between payment processor and merchant leasing payment card processing devices.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 47-22-404?
A common citation format is "Tennessee Code Annotated § 47-22-404" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 47-22-404 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.