(a) No promoter shall sell, offer for sale, or otherwise publish or distribute any coupon without a prior contract or agreement in writing with the coupon sponsor. A copy of such contract shall be furnished to the sponsor at the time of its execution, and shall set forth all terms and conditions under which coupons obligating the sponsor may be published, distributed, or sold and include the following:
(1) A specific description, exactly as it is to appear on the coupon, of:
(A) The goods, services, or discount privileges which the sponsor will provide in exchange for each coupon presented for redemption;
(B) The hours during each day and the days during each week when the coupon will be accepted for redemption by the sponsor;
(C) The expiration date of the coupon; and
(D) All purchases required of a coupon holder as a condition of redemption and any other restrictions or limitations imposed on the redemption of the coupons by the sponsor;
(2) The maximum number of coupons which may be printed, issued, distributed, or sold by the promoter;
(3) The beginning and ending dates of the promotion, before and after which no coupons may be sold or distributed;
(4) The amount or percentage of funds, if any, to be returned to the sponsor from the sale of coupons;
(5) The personal and business name and address of the promoter executing the contract. Nonresidents shall include their permanent address in their state of residence; and
(6) A statement that the coupon sales promotion is regulated by the “Tennessee Coupon Sales Promotion Act.”
(b) The promoter shall not represent, either directly or by implication, that the number of coupons presented to the sponsor for redemption will be less than the total number of coupons printed, sold, or distributed, or make any promises or representation inconsistent with or contrary to the terms of the written contract between the promoter and sponsor.
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