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Every title insurance agent licensed shall, within thirty (30) days after the date the license is issued, file with the commissioner a bond in the amount of twenty-five thousand dollars ($25,000), or cash and/or securities in like amount.
The bond, or cash and/or securities, on file with the commissioner shall be maintained for so long as the title insurance agent's license remains in effect.
The bond shall be made payable to this state for the use and benefit of all persons who suffer pecuniary loss in a real estate transaction, involving the solicitation or issuance of title insurance, caused by any act of fraud, dishonesty, theft, embezzlement or willful misconduct on the part of the title insurance agent.
Any person suffering the pecuniary loss may bring suit on the bond in the person's own name in any court of competent jurisdiction in Tennessee.
The bond shall be executed by a surety company authorized to do business in Tennessee, and shall be in a form acceptable to the commissioner.
Nothing in this section shall be construed to be in derogation of any other rights which may be held or accrued by any person involved in the solicitation, transaction, or issuance of title insurance.