Tennessee Code 67-3-612 – Bond increase

(a) If the commissioner determines that the amount of the existing bond or cash deposit is insufficient to ensure payment to the state of taxes, fees, penalty and interest for which the licensee is or may become liable, the licensee shall, upon written demand from the commissioner, file a new bond or increase the cash deposit. The commissioner shall allow the licensee at least fifteen (15) days to secure the increased bond or cash deposit.

Terms Used In Tennessee Code 67-3-612

Commissioner: means the commissioner of revenue or the commissioner's designated subordinate official. See Tennessee Code 67-3-103
State: means the state of Tennessee. See Tennessee Code 67-3-103
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105

(b) The new bond or cash deposit must meet the requirements set forth in this chapter.

(c) If the new bond or cash deposit required under this section is unsatisfactory, the commissioner shall cancel the licensee’s certificate.

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Tennessee Code 67-3-612 – Bond increase

Terms Used In Tennessee Code 67-3-612

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