Get a LicenseCollection Service Board
To apply for a collection agency license, the applicant must submit the following:
- A non-refundable $750 application fee
- A completed application (all questions answered, form signed and notarized)
- A current personal or corporate financial statement prepared by a licensed public accountant or certified public accountant indicating that the company maintains a separate fiduciary or trust bank account with sufficient funds at all times to disburse such amounts as due all clients. (Refer to TCA 62-20-114) and, the financial statement must reflect that it is a financial responsible agency as per TCA 62-20-102(5).
- A surety bond executed by the applicant and a surety company authorized to do business in the State of Tennessee, made payable to the State of Tennessee. The amount of the surety bond shall be pro rated and based on the certified number of employees per agency as follows:
- 1-4 employees -- $15,000
- 5-9 employees -- $20,000
- 10 or more employees -- $25,000
- A certificated of deposit may be substituted for the bond in the amounts above
- Upon approval by the Collection Service Board, a $600 registration fee and $25 for each solicitor will be required before a license can be issued. Any person acting as a solicitor for any collection service must possess a valid solicitor’s identification card.
A licensed collection agency phyically located in the State of Tennessee that desires to maintain a branch in addition to the principal place of business must submit a branch application for each branch office located in Tennessee.
Applications for collection branches must be accompanied by $100 registration fee and $25 for each solicitor.