A company that fails to comply with §§ 56-15-102 — 56-15-107 and 56-15-112 — 56-15-114, shall forfeit to the state, for every failure, not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000), to be recovered by suit in the name of the state of Tennessee, in the same courts in which suit may be brought against the company under this chapter, and the failure shall not affect the validity of any contract entered into by the company.
Structure 2021 Tennessee Code
Chapter 15 - Fidelity and Bonding Companies
§ 56-15-101. General Powers — Right to Become Sureties — Banking Business Prohibited
§ 56-15-102. Guaranty Corporation May Become Sole Surety on Bonds
§ 56-15-103. Condition of Doing Business — Attorney Upon Whom May Be Served Process Against Company
§ 56-15-106. Commissioner Is Custodian of Securities Deposited by Bonding Companies
§ 56-15-109. Signing Policy in Blank Unlawful
§ 56-15-110. Power of Commissioner as to Violations
§ 56-15-111. Revocation of License for Violation
§ 56-15-112. Action Against Company — Jurisdiction — Venue
§ 56-15-113. Action Against Company — Estopped to Deny Liability
§ 56-15-114. Forfeiture of License for Nonpayment of Judgment