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Insurance subcommittee advances bill to consolidate bond-certificate process under Department of Revenue
Summary
The Tennessee House Insurance Subcommittee passed House Bill 119 on Feb. 12 to move issuance and record-keeping for certain cash bonds and certificates to the Department of Revenue, with supporters saying the change will reduce confusion and improve recordkeeping for a small number of transactions.
The Tennessee House Insurance Subcommittee voted Feb. 12 to pass House Bill 119, a measure that would consolidate issuance of certificates for cash bonds and deposits under the Department of Revenue.
Supporters told the subcommittee the change would simplify an existing two-department process and reduce confusion for the small number of people who use the cash-bond option.
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