Tennessee Modular Building Units Dealer License Surety Bond
Dealers of Modular Building Units operating in the State of Tennessee must be licensed with the TN Consumer Affairs Division in order to sell, broker or distribute, by consignment or otherwise, modular building units or components to persons who in good faith purchase such units or components for purposes other than resale. Licensees must post and maintain a $50,000.00 Modular Building Units Dealer License Surety Bond.
Any applicant for a new or renewal of a license as a dealer of modular building units shall submit a surety bond executed by the applicant (as principal) and by a surety company qualified to do business in this state (as surety).
Each bond shall be for the benefit of any person who suffers loss or damage resulting from code-related non-compliance with the Tennessee Modular Building Act or the rules duly promulgated thereunder by such manufacturer, dealer or installer.
Each bond shall cover code-related non-compliances occurring during the license period. A new bond or proper continuation certificate shall be submitted with each application for license renewal. The aggregate liability of the surety for code-related non-compliances occurring in each license year shall in no event exceed the amount of the bond for that year.
A separate bond shall be required for each place of business operated by a dealer.
The bond term is required to run concurrent with the license term which is July 1 - June 30 of each year.
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