(a) The council shall prescribe by rule:

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Terms Used In Tennessee Code 4-49-109

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bond: means a bond held in escrow for the purpose of maintaining adequate reserves to account for losses suffered by a licensee and owed to bettors. See Tennessee Code 4-49-102
  • Council: means the sports wagering council. See Tennessee Code 4-49-102
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Licensee: means a person who holds a license issued under §. See Tennessee Code 4-49-102
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(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.
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