Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-05 - Division of Regulatory Boards
Chapter 0780-05-17 - CREDIT SERVICES BUSINESSES
Section 0780-05-17-.02 - BOND REQUIREMENTS AND FILING FEE

Universal Citation: TN Comp Rules and Regs 0780-05-17-.02

Current through September 24, 2024

(1) The bond required pursuant to § 47-18-1011 shall be issued by a corporate surety authorized to do business in Tennessee and shall be in an amount of not less than $100,000.00.

(2) The bond shall be maintained for two (2) years following the date on which the credit services business ceases to conduct business in this state.

(3) A credit services business shall post a separate bond for each location conducting business in this state and the bond shall state, on its face, the name and address of the credit services business location to which it applies.

(4) Prior to the expiration of a bond, a new bond shall be filed with the Department. Each renewed bond shall be filed pursuant to the procedure as set out in Paragraph (5). Further, if a credit services business is required to file a new bond on behalf of a location for any reason, including a change of surety or change of ownership, such new bond shall be filed pursuant to the procedure as set out in Paragraph (5).

(5) Each bond shall be accompanied by a filing fee of fifty dollars ($50.00) and a registration form prescribed by the Commissioner containing:

(a) Name, address, and telephone number of the credit services business;

(b) Name, address, and telephone number of a primary contact person;

(c) If the business is a corporation, limited liability company, or other entity, proof that the entity is duly registered in the State of Tennessee;

(d) If the business is a sole-proprietorship or general partnership, the Social Security number of each proprietor or general partner; and

(e) Any such other information as the Commissioner may require.

Authority: T.C.A. § 47-18-1011.

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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