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COVID-19 INFORMATION

Collections

Mission

It is the purpose of the Collection Service Board to formulate public policy concerning the industry, enact rules and regulations, grant licenses to applicants that meet the requirements, initiate investigations, suspend, revoke or cancel licenses for cause, and ensure compliance with enacted legislation pertaining to the collection industry.

Financial Review

An initial or renewal application must include a current Personal or Corporate Financial Statement prepared by an Active CPA/LPA (a current Independent Auditor Report or Current Year Ending Statement may also suffice).

A Trust Account is required by statute and the Trust Balance on the application is an extension of the referenced financial statements. If not verified by the Financials, Bank statements may be submitted to confirm the balance stated per TCA 62-20-114 and 62-20-102(5).

Solicitor Cards

**Effective 10/1/2021 solicitor cards will no longer be needed due to a change in statute**

Per TCA 62-20-102.  Chapter definitions. (9) “Solicitor" means any individual who is employed by or under contract with a collection service to solicit accounts or sell collection service forms or systems on its behalf.

As such, Solicitor Cards are not required for Collection Agents who only correspond with consumers regarding any alleged debt.