To apply for a collection agency license, the applicant must submit the following:
- A non-refundable $750 application fee
- A completed application. Please ensure that all questions are answered, form is signed and notarized and that questions number seven (7) is complete and initialed.
- 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
- Certificated of deposit may be substituted for the bond in the amounts above.
- Upon approval by the Collection Service Board, $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 physically 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(physically located in the state of Tennessee) must be accompanied by $100 registration fee and $25 for each solicitor.