Get a LicenseCollection Service Board
To apply for a collection agency license, the applicant must submit the following:
- A non-refundable $750 application fee
- An application to be completed here
- 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).
- 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
- Any person acting as a solicitor for any collection service must possess a valid solicitor’s identification card. The solicitor card fee is $25 each
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 must be accompanied by $100 registration fee and $25 for each solicitor.