67-3-611 - New bond. - Tennessee Statutes

67-3-611. New bond.

(a)  The commissioner may require a licensee to file a new bond with a satisfactory surety in the same form and amount, if:

     (1)  Liability upon the previous bond is discharged or reduced for any reason; or

     (2)  The commissioner determines that any surety on the previous bond becomes unsatisfactory.

(b)  If the new bond is unsatisfactory, the commissioner shall cancel the license. If the new bond is satisfactorily furnished, the commissioner shall release, in writing, the surety on the previous bond from any liability accruing after the effective date of the new bond.

(c)  If a licensee has a cash deposit with the commissioner and the deposit is reduced for any reason, the commissioner may require the licensee to make a new deposit equal to the amount of the reduction.

[Acts 1997, ch. 316, § 1; T.C.A., § 67-3-1711.]