Offense of offering cost of services, records or devices on a contingency basis

(a) It is an offense for any person to knowingly sell or lease, or offer for sale or lease, facilities, locations, advertising services, printing services, telephone services, gambling records or gambling devices based on a percentage of the proceeds of an annual event or by any other contingency agreement based on the proceeds of an annual event or at a price greater than fair market value. (A) Authorized by a two-thirds (2/3) vote of all members elected to each house of the general assembly. See Tennessee Code 39-17-601Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCCPerson: includes the singular and the plural and means and includes any individual, firm, partnership, copartnership, association, corporation, governmental subdivision or agency, or other organization or other legal entity, or any agent or servant thereof. See Tennessee Code 39-11-106Services: includes labor, skill, professional service, transportation, telephone, mail, gas, electricity, steam, water, cable television, entertainment subscription service or other public services, accommodations in hotels, restaurants or elsewhere, admissions to exhibitions, use of vehicles or other movable property, and any other activity or product considered in the ordinary course of business to be a service, regardless of whether it is listed in this subdivision (a)(38) or a specific statute exists covering the same or similar conduct. See Tennessee Code 39-11-106(b) A violation of this section is a Class E felony; provided, however, that the maximum fine shall be fifty thousand dollars ($50,000).