Tennessee § 47-18-5514 Substitute for bond requirement

Tennessee Statutes

§ 47-18-5514 — Substitute for bond requirement

Tennessee § 47-18-5514

Title47

This text of Tennessee § 47-18-5514 (Substitute for bond requirement) 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. § 47-18-5514 (2026).

Text

(a)Instead of the surety bond required by § 47-18-5513 , a provider may deliver to the administrator, in the amount required by § 47-18-5513(b) , and, except as otherwise provided in subdivision (a)(2)(A), payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part:

(1)A certificate of insurance:

(A)Issued by an insurance company authorized to do business in this state and rated at least "A" or equivalent by a nationally recognized rating organization approved by the administrator; and (B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not

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(a) Instead of the surety bond required by § 47-18-5513 , a provider may deliver to the administrator, in the amount required by § 47-18-5513(b) , and, except as otherwise provided in subdivision (a)(2)(A), payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part: (1) A certificate of insurance: (A) Issued by an insurance company authorized to do business in this state and rated at least "A" or equivalent by a nationally recognized rating organization approved by the administrator; and (B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or (2) With the approval of the administrator: (A) An irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part; or (B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the administrator for this purpose. (b) If a provider furnishes a substitute pursuant to subsection (a), then § 47-18-5513(a), (c), (d) and (e) apply to the substitute.