On 06/13/2008, a new sports promoter law was enacted named HB 2633. The new Tennessee law requires mixed martial arts, boxing, and kickboxing contest promoters to post a license bond in the amount of $25,000. The bond must be from a surety licensed in the state. As an alternative for posting a surety bond, cash or other securities are also acceptable.
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Tennessee Sports Promoter Bond
September 17, 2009 by Eric WeisbrotCategory: Commercial Bonds, Surety NewsTags: boxing promoter bond, kickboxing contest promoter bond, mixed martial arts promoter bond, sports promoter bond, tennessee, tn | Comments (0)
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Tennessee Public Automobile Auctioneer Bond
September 14, 2009 by Eric WeisbrotPublic automobile auctioneers must abide by a new law known as SB 3590 under Tennessee state law. The new law requires public automobile auctioneers to be licensed and post a surety bond of $50,000 from a certified bonding company; it is also mandatory to acquire liability insurance in the amount of $500,000. The new law is specifically for auctioneers who perform auctions that are open to the public.Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: auctioneers bond, bond requirements, legislation, public automobile autioneer bond, surety bond, tennessee, tn | Comments (0)
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Tennessee Health Club Bond
September 12, 2009 by Eric WeisbrotThe state of Tennessee enacted a new health club law referred to as SB 3752. The new law requires health clubs to obtain a surety bond in the amount of $25,000 with the Department of Commerce and Insurance. SB 3752 states that if the clubs financial condition does not allow it to cover its financial responsibilities, the bond can be increased up to $200,000. The new law also allows the health clubs to sell memberships before they open; buyers have the right to make direct claims on the bond if the club does not open. This is one of two bills enacted in Tennessee for health clubs. Category: Commercial Bonds, Surety NewsTags: bond requirements, health club, health club bond, legislation, surety bond, tennessee, tn | Comments (0)
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Tennessee Motor Vehicle Dealer (MVD) Bond Raised To $50,000
September 10, 2009 by Eric WeisbrotThe state of Tennessee enacted a new law referred to as HB 2809. The new MVD (motor vehicle dealer) law raised the amount of the required license bond from $25,000 to an amount of at least $50,000; it also prohibits the use of letters of credit. The present law allowing the use of a certificate of deposit was preserved. Category: Auto Dealer Bonds, Commercial Bonds, Surety NewsTags: auto dealer bond, bond requirements, dmv bond, legislation, mvd bond, surety bond, tennessee, tn | Comments (0)
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Tennessee Health Club Bond
September 7, 2009 by Eric WeisbrotSB 4175, enacted on 06/05/2008, requires Tennessee health clubs to post a bond in the amount of $25,000 with the Department of Commerce and Insurance; securities, cash, and a certificate of deposit are also acceptable. The bond must be sustained for two years after the health club halts doing business in the state. The new law allows the Attorney General to request the total amount of the bond to be granted to the state for consumer reimbursement.Category: Commercial Bonds, Surety NewsTags: bond requirements, health club bond, legislation, surety bond, tennessee, tn | Comments (0)
