How to Get a License

For details on obtaining a professional license, see below.

Collection Service Agency

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

Licensing Requirements

• An application for an initial collection service agency must include 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: $25,00

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

Application & Fees

Complete the “Initial Collection Agency Application” online at core.tn.gov. The fee for an initial application is $750.