Tennessee Collection Service Agency License Surety Bonds
If you a engage in, or attempt to engage in, the collection of delinquent accounts, bills or other forms of indebtedness you are required to be licensed by the TN Collection Service Board as a Collection Service in accordance with Tennessee Code Annotated § 62-20, also known as the Tenessee Collection Service Act. As part of the license requirements, licensees must post and maintain a TN Collection Service Agency Surety Bond, The amount of the surety bond required is based upon the certified number of employees per agency.
1-4 Certified Employees - $15,000 Surety Bond Required
5-9 Certified Employees - $20,000 Surety Bond Required
10 or more Certified Employees - $25,000 Surety Bond Required
The TN Collection Service Bond provides a guarantee to the general public that the agency and its certified employees will comply with the state laws and properly account for and disperse the debts collected.
All licensed Collection Service Agencies are required to:
Retain for a period of three years accurate individual records of collections, including the amount, date of payment and the names of the debtor/creditor
Issue individual collection receipts, if requested, showing the amount, date of payment, names of the debtor/creditor and the balance, if any, remains unpaid
Maintain separate fiduciary or trust bank account with sufficient funds at all times to disburse amounts due all clients
Maintain accurate records and books reflecting the true condition of bank accounts at the end of each calendar month
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