HB2809 - Tennessee - Motor Vehicles

Companion Bill SB2883. Motor Vehicles - Increases amount of surety bond from $25,000 to $50,000 that must accompany application for or renewal of motor vehicle dealer license and removes ability to use letter of credit in lieu of bond. - Amends TCA Title 55, Chapter 17. Fiscal Summary for HB2809 / *SB2883State Revenue - Net Impact - Not Significant State Expenditures - Net Impact - Not Significant Bill Summary for HB2809 / *SB2883 Under present law, each application for a license or renewal of a license of a motor vehicle dealer must be accompanied by evidence satisfactory to such commission that such dealer has a surety bond in the amount of $25,000 in force. In lieu of a corporate surety on the bond, the dealer may secure the bond by depositing collateral in the form of a certificate of deposit or irrevocable letter of credit which has [...]

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