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Collections

COVID 19 and Remote Work 

The Statute and Rules have been reviewed and it has been determined there is no prohibition for remote work from home as long as a branch business location is still maintained, and the location is on record on your license file. Of course, it is expected that all collection activities will remain in accordance with applicable State and Federal requirements. Those requirements would include, but not be limited to: 1) a prohibition on the storage of records relating to collection agency activities at the remote work location; 2) a requirement that the records created as part of collecting a claim are being entered remotely into an electronic system housed at a licensed location; and 3) a requirement that no payments on a claim are received at the remote work location.

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

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. 

Consumer Alert: Fake Debt Collectors

Please see the article from the FTC at https://www.consumer.ftc.gov/articles/0258-fake-debt-collectors