Requirements for escrow account - Insurance - Cash-on-hand

(a) The council shall prescribe by rule: (1) The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and (2) Any insurance requirements for a licensee. (b) The licensee may maintain the bond at any bank lawfully operating in this state, and the licensee must be the beneficiary of any interest accrued thereon. Renumbered from T.C.A. s 4-51-309 by 2021 Tenn. Acts, ch. 593, s 30, eff. 1/1/2022. Added by 2019 Tenn. Acts, ch. 507, s 1, eff. 7/1/2019. (a) The council shall prescribe by rule: (1) The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and (2) Any insurance requirements for a licensee. (1) The amount of a bond in escrow and the amount of cash that must be kept on hand to ensure that there exists adequate reserves to pay off bettors; and (2) Any insurance requirements for a licensee. (b) The licensee may maintain the bond at any bank lawfully operating in this state, and the licensee must be the beneficiary of any interest accrued thereon. Renumbered from T.C.A. s 4-51-309 by 2021 Tenn. Acts, ch. 593, s 30, eff. 1/1/2022. Added by 2019 Tenn. Acts, ch. 507, s 1, eff. 7/1/2019.