Renewal & Other Resources

Licenses must be renewed within sixty (60) days of the expiraiton date. Agencies that do not renew within the sixty-day grace period must reapply for a license.

Renew online through your CORE account.

Requirements

A current set of financial statements prepared by an Active CPA/PA; financial statements including a report from an independent accountant may also suffice.

Licensees are required to maintain a trust account by statute; if not verified within the financial statements, bank statements may be submitted to confirm the balance stated per TCA 62-20-114.

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 prorated 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

A certificate of deposit may be substituted for the bond in the amounts above.

Fee

The renewal fee is $350.00.  A late fee of $100.00 is assessed if renewing after the license expiration date.

To submit a request to close your license, please email collection.service@tn.gov. 

A collection service agency is required to maintain an active 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 prorated 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

Evidence of an active surety bond is required to be submitted to the Collection Service Board upon expiration of a licensee’s current surety bond. Typically, a continuation certificate from the surety company is sufficient to evidence renewal of a licensee’s surety bond. To submit a Surety Bond that has been renewed, please complete a “Surety Bond Attachment” application within your CORE account.

Prior to submission, please ensure that the bond or continuation certificate is fully executed by both the surety company and the licensee. 

Per T.C.A. 62-20-113, collection service agency licenses are not transferable to another person. Upon change of ownership of a collection service, the new owner shall apply for and obtain a new collection service.

Submit any changes of address or business locations to collection.service@tn.gov. Please include an updated bond rider showing the change of location with the bond company.