Collections
Purpose
The Collection Service Board was created in 1981 to regulate the collection industry in the State of Tennessee. The current requirements for the licensure of collection agencies can be found in Tennessee Code Annotated, Title 62, Chapter 20.
Mission
The mission of the Collection Service Board is to protect the public health, safety and welfare through the regulation of collection agencies.
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) per TCA 62-20-106 (2).
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).
Effective 10/1/2021 Solicitor Cards are no longer required or available due to a change in statute.