{"data":{"id":"us-tn/tenn.-code-ann.-47-18-5514","jurisdiction":"us-tn","citation":"Tenn. Code Ann. § 47-18-5514","heading":"Substitute for bond requirement","body":"(a) Instead of the surety bond required by § 47-18-5513 , a provider may deliver to the administrator, in the amount required by § 47-18-5513(b) , and, except as otherwise provided in subdivision (a)(2)(A), payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part: (1) A certificate of insurance: (A) Issued by an insurance company authorized to do business in this state and rated at least \"A\" or equivalent by a nationally recognized rating organization approved by the administrator; and (B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or (2) With the approval of the administrator: (A) An irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part; or (B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the administrator for this purpose. (b) If a provider furnishes a substitute pursuant to subsection (a), then § 47-18-5513(a), (c), (d) and (e) apply to the substitute. Acts 2009, ch. 469, § 1.\n(a) Instead of the surety bond required by § 47-18-5513 , a provider may deliver to the administrator, in the amount required by § 47-18-5513(b) , and, except as otherwise provided in subdivision (a)(2)(A), payable or available to this state and to individuals who reside in this state when they agree to receive debt-management services from the provider, as their interests may appear, if the provider or its agent does not comply with this part: (1) A certificate of insurance: (A) Issued by an insurance company authorized to do business in this state and rated at least \"A\" or equivalent by a nationally recognized rating organization approved by the administrator; and (B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or (2) With the approval of the administrator: (A) An irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part; or (B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the administrator for this purpose.\n(1) A certificate of insurance: (A) Issued by an insurance company authorized to do business in this state and rated at least \"A\" or equivalent by a nationally recognized rating organization approved by the administrator; and (B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or\n(A) Issued by an insurance company authorized to do business in this state and rated at least \"A\" or equivalent by a nationally recognized rating organization approved by the administrator; and\n(B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or\ng five thousand dollars ($5,000); or\n(A) Issued by an insurance company authorized to do business in this state and rated at least \"A\" or equivalent by a nationally recognized rating organization approved by the administrator; and\n(B) With no deductible, or if the provider supplies a bond in the amount of five thousand dollars ($5,000), a deductible not exceeding five thousand dollars ($5,000); or\n(2) With the approval of the administrator: (A) An irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part; or (B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the administrator for this purpose.\n(A) An irrevocable letter of credit, issued or confirmed by a bank approved by the administrator, payable upon presentation of a certificate by the administrator stating that the provider or its agent has not complied with this part; or\n(B) Bonds or other obligations of the United States or guaranteed by the United States or bonds or other obligations of this state or a political subdivision of this state, to be deposited and maintained with a bank approved by the administrator for this purpose.\n(b) If a provider furnishes a substitute pursuant to subsection (a), then § 47-18-5513(a), (c), (d) and (e) apply to the substitute.","path":["TN Code","Title 47","Chapter 18"],"source_url":"https://oss-data-us.vaquill.ai/v2026.08/us_tn_statutes.parquet","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:26Z","sha256":"304bcd8bb0d71c328246edc463d0c633342b1c73f244c5b437fb195f9f799e1f","source_id":"us-tn","stale":false,"prev":"us-tn/tenn.-code-ann.-47-18-5513","next":"us-tn/tenn.-code-ann.-47-18-5515"},"notice":"GroundRules: Original legal text. Not legal advice."}