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.
Tennessee Motor Vehicle Dealer (MVD) Bond Raised To $50,000
September 10, 2009 by Eric Weisbrot
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Category: Auto Dealer Bonds, Commercial Bonds, Surety News
Tags: auto dealer bond, bond requirements, dmv bond, legislation, mvd bond, surety bond, tennessee, tn
