Tennessee § 4-49-109 Requirements for escrow account - Insurance - Cash-on-hand

Tennessee Statutes

§ 4-49-109 — Requirements for escrow account - Insurance - Cash-on-hand

Tennessee § 4-49-109

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This text of Tennessee § 4-49-109 (Requirements for escrow account - Insurance - Cash-on-hand) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 4-49-109 (2026).

Text

(a)The council shall prescribe by rule:

(1)The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and (2) Any insurance requirements for a licensee.

(b)The licensee may maintain the bond at any bank lawfully operating in this state, and the licensee must be the beneficiary of any interest accrued thereon.

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(a) The council shall prescribe by rule: (1) The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and (2) Any insurance requirements for a licensee. (b) The licensee may maintain the bond at any bank lawfully operating in this state, and the licensee must be the beneficiary of any interest accrued thereon.