(b) The following, and only the following, shall be acceptable proof of financial security:
(1) Filing of written proof of insurance coverage with the commissioner on forms approved by the commissioner;
(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 ($500);
(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
(4) The submission to the commissioner of notarized releases executed by all parties who had previously filed claims with the department as a result of the accident.
(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.]