(a) Every title insurance agent licensed shall, within thirty (30) days after the date the license is issued, file with the commissioner a bond in the amount of twenty-five thousand dollars ($25,000), or cash and/or securities in like amount.

Terms Used In Tennessee Code 56-35-202

  • Commissioner: means the commissioner of commerce and insurance, and includes all deputies legally appointed and constituted to act in the commissioner's place and stead by other applicable law of the state. See Tennessee Code 56-35-102
  • Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual, firm, association, partnership, estate, trust, fiduciary, syndicate or corporation. See Tennessee Code 56-35-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Title insurance agent: means either:
    (A) A natural person who meets the requirements of or performs the same functions as a "title insurance agency". See Tennessee Code 56-35-102
(b) The bond, or cash and/or securities, on file with the commissioner shall be maintained for so long as the title insurance agent’s license remains in effect.
(c) The bond shall be made payable to this state for the use and benefit of all persons who suffer pecuniary loss in a real estate transaction, involving the solicitation or issuance of title insurance, caused by any act of fraud, dishonesty, theft, embezzlement or willful misconduct on the part of the title insurance agent.
(d) Any person suffering the pecuniary loss may bring suit on the bond in the person’s own name in any court of competent jurisdiction in Tennessee.
(e) The bond shall be executed by a surety company authorized to do business in Tennessee, and shall be in a form acceptable to the commissioner.
(f) Nothing in this section shall be construed to be in derogation of any other rights which may be held or accrued by any person involved in the solicitation, transaction, or issuance of title insurance.
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