Section 0180-26-.01 - SECURITY DEVICE(1) The purpose of this section is to further define T.C.A. § 45-7-208.(a) Each licensee must maintain a current security device as required by T.C.A. § 45-7-208. Acceptable security devices are a surety bond or irrevocable letter of credit in the amount required by T.C.A. § 45-7-208(a).(b) The irrevocable letter of credit, by definition, is not subject to cancellation as described in T.C.A. § 45-7-208(b). However, an irrevocable letter of credit, upon written approval from the commissioner, may be canceled or reduced pursuant to T.C.A. § 45-7-208(c).Tenn. Comp. R. & Regs. 0180-26-.01
Original rule filed September 15, 1996; effective January 28, 1996.Authority: T.C.A. §§ 45-7-208, 45-7-226; and 45-1-107(h).