Tennessee Statutes
§ 4-49-109 — Requirements for escrow account - Insurance - Cash-on-hand
Tennessee·Title 4
(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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Tennessee § 4-49-109 (Requirements for escrow account - Insurance - Cash-on-hand) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Renumbered from T.C.A. s4-51-309by 2021 Tenn. Acts, ch. 593, s 30, eff. 1/1/2022. Added by 2019 Tenn. Acts, ch. 507, s 1, eff. 7/1/2019.
Nearby Sections
15
§ 4-1-102
Protection of territory§ 4-1-105
Retrocession of federal jurisdiction§ 4-1-201
Grand divisions§ 4-1-202
Eastern grand division§ 4-1-203
Middle grand division§ 4-1-204
Western grand division§ 4-1-205
State capital§ 4-1-301
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