Credit Services Business Licensing

Credit services business means any person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that such person can or will sell, provide, or perform any of the following services in return for the payment of money or other valuable consideration:

• Improving a consumer’s credit record, history, or rating;
• Obtaining an extension of credit for a consumer; or
• Providing advice or assistance to a consumer with regard to either of these.

Licensing Information

The following items are required to be provided by the applicant as part of the application for initial licensure as a Credit Services Business:

• A surety bond in the amount of $100,000. The bond can be made through a deposit of cash, a certificate of deposit, securities, or with a bond issued by a corporate surety acceptable to the Commissioner.
• A copy of the current client contract.
• A full list of fees that may be assessed, when they will be assessed, and the services they cover  (if not in included in the client contract).

Fees

Registration Fee:  $50.00

Renewal Fee:  None, if no changes.  Any change in ownership or bond requires a new Initial application.

Renewal 

Credit Services Business licenses expire two years from the issuance date of the license. Renewal applications must be filed with the Division prior to the license’s expiration date.  Renewal applications should be filed no earlier than 60 days prior to license’s expiration date.  If not renewed within sisty (60) days following the expiraiton date, a new Initial application is required.

Change of Address

Credit Services Businesses should always ensure the office has a current email and address on file for renewal notices and other communication needs.  These changes may be sent to reg.boards@tn.gov.