The 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.
Eric is the Webmaster of JW Surety Bonds. With years of experience in the surety industry, he is also a contributing author to the surety bond blog.