Source: http://search.mleesmith.com/tca/55-12-0105.html
Timestamp: 2016-06-30 12:03:35
Document Index: 332423185

Matched Legal Cases: ['§ 55', '§ 55', '§ 55', '§ 5', '§ 59', '§ 3', '§ 18', '§ 4', '§ 80']

55-12-0105
TCA 55-12-105: Security deposit following accident -- Acceptable proof of financial security -- Revocation of registration or operating privileges for failure to deposit security -- Notice -- Appeal.
(a) The commissioner shall, upon receiving an accident report of an accident occurring in this state that has resulted in bodily injury, or death, or damage to the property of any one (1) person in excess of four hundred dollars ($400), and
upon determining that there is a reasonable possibility of a judgment against the owner, operator, or both, and upon receiving notice of a claim filed against the owner, operator, or both, revoke the license and shall request the commissioner of
revenue to immediately revoke all registrations of the owner, operator, or both, of a motor vehicle involved in the accident, and in case of a nonresident, the privilege of operating a motor vehicle within this state and of the use within this state
of any motor vehicle owned by the nonresident, unless the operator, owner, or both, deposits security in a sum that shall be sufficient in the judgment of the commissioner, and in no event less than five hundred dollars ($500), to satisfy any
judgment or judgments resulting from the accident that may be recovered against the operator, owner, or both.
(b) The following, and only the following, shall be acceptable proof of financial security:
(2) The deposit of cash with the commissioner of no less than the amount specified in § 55-12-102, or in the total amount of all damages suffered, whichever is less, subject to a minimum deposit of five hundred dollars
(3) The execution and filing of a bond with the commissioner of no less than the amount specified in § 55-12-102, or in the total amount of all damages suffered, whichever is less, subject to a minimum bond of five
hundred dollars ($500); or
(c) Any notice of revocation issued under this section shall be sent by United States mail to the last known address of the operator and owner not less than twenty (20) days prior to the effective date of revocation, and shall state the amount
required as security, and that the operator, owner, or both are entitled to an administrative hearing conducted by the commissioner of safety or the commissioner's delegate pursuant to a request under § 55-12-103(a). Any request for an
administrative hearing must be submitted in writing on or before the effective date of the proposed revocation.
History: [Acts 1977, ch. 446, § 5; T.C.A., § 59-1255; Acts 1983, ch. 53, § 3; 1986, ch. 842, § 18; 1989, ch. 263, § 4; 2007, ch. 484, § 80.]