Collection Service License
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About
Collection Service is any person who, directly or indirectly, for a fee, commission, or other compensation, offers to a client or prospective client the service of collecting, or purchasing for collection, accounts, bills, notes or other indebtedness due such clients for various debtors.
Individuals providing collection services in the state of Tennessee are required to be licensed by the Tennessee Collection Service Board, unless otherwise exempt.
Requirements
Initial Application
1. Application completed on-line at www.core.tn.gov
2. A current corporate or personal Financial Statement prepared by a CPA/LPA.
3. Evidence of a Trust Account
4. Surety Bond or Certificate of Deposit relative to the number of employees. $15,000 (1-4) $20,000 (5-9) $25,000 (10+)
Fees
Agency Application fee: $750
Agency Renewal: $350
Additional
Renewal
- Application completed on-line at www.core.tn.gov
- A current corporate or personal Financial Statement prepared by a CPA/LPA.
- Evidence of a Trust Account
- Surety Bond or Certificate of Deposit relative to the number of employees. $15,000 (1-4) $20,000 (5-9) $25,000 (10+)
Grace Period
The grace period for your license is 60 days. When you renew during the grace you are charged a late fee of $100.
After 60 days must reapply for new Initial application.