Rules & Regulations of the State of Tennessee
Title 0680 - Board for Licensing Contractors
Chapter 0680-08 - Go Build Tennessee
Section 0680-08-.06 - GO BUILD ACCOUNT

Universal Citation: TN Comp Rules and Regs 0680-08-.06

Current through September 24, 2024

(1) To fund the Program, fifty percent (50%) of the Board's excess licensing revenue collected during that fiscal year after all expenditures for that fiscal year shall be transferred to the Go Build Account on an annual basis.

(a) The transfer of funds shall be made during the first quarter of every fiscal year beginning with 2015-2016, with the last transfer to be made in fiscal year 2018-2019.

(b) All funds that are transferred to the Corporation shall be transferred from the Board's reserve balance and shall not be budget expenditure.

(2) Prior to any dissolution of the Corporation, the members shall cause the Corporation to discharge or make reasonable provisions for the payment of claims and make distributions of all assets after payment or provision of claims to the Board. If funds were contributed to the Corporation by entities other than the Board, the Corporation shall pro rate the amount to be remitted to the Board based on the percentage of their contribution plus any amount used during the current fiscal year from the initial funding contribution compared to all contributions made within the current fiscal year. All other assets and funds shall be distributed, after payment or provision of claims, according to Tennessee and federal law.

Authority: T.C.A. § 4-41-105.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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