Renewal & Other Resources

Debt Management

Licensees are required to complete a renewal application through their CORE account every two (2) years. There are no late fees or grace period. Renewals should be filed no more than sixty (60) days before the renewal date, and no less than thirty (30) days before expiration. If a license is expired for more than sixty (60) days, you must reapply.

The following information must be submitted with the application. All forms mentioned can be found on the Forms and Downloads page.

I. Application (CORE)

II. Fee, $4,000

III. Requirements

1. A surety bond in the amount of $50,000, with a surety authorized to transact business in Tennessee, or an irrevocable letter of credit. The bond must have a statement that it must allow claims for up to two (2) years after the Agency ceases business.

2. Evidence of the applicant’s accreditation by an independent accrediting organization.

3. Evidence of certification by an independent certifying program of all counselors and debt specialists conducting business in this state on behalf of the applicant.

4. Financial statements, audited by an accountant licensed to conduct audits, for the applicant's fiscal year immediately preceding the application.

5. Disclosure of any changes in officers or employees with access to the Company’s trust account. Fingerprint acknowledgment forms and background checks through IdentoGO are required to be completed for any new officers or employees who have access to the Company’s trust account.

6. Evidence of insurance in the amount of $250,000:

a. Against the risks of dishonesty, fraud, theft, and other misconduct on the part of the applicant or a director, employee, or agent of the applicant,

b. Issued by an insurance company authorized to do business in this state and rated at least "A" or equivalent by a nationally recognized rating organization approved by the administrator,

c. With a deductible not exceeding five thousand dollars ($5,000;

d. Payable for the benefit of the applicant, this state, and individuals who are residents of this state, as their interests may appear, and

e. Not subject to cancellation by the applicant or the insurer until sixty (60) days after written notice has been given to the administrator.
 

Credit Services Businesses

Licensees are required to complete a renewal application through their CORE account every two (2) years. The following information must be submitted with the application. All forms mentioned can be found on the Forms and Downloads page.

I. Application (CORE)

II. No Fee

III. Requirements

1. Sample client agreement to be used between the credit services business and its customers, to include a written information statement containing all of the information required under T.C.A. § 47-18-1005 and § 47-18-1006.

2. Schedule of fees to be assessed to customers of the credit services business applicant, including services covered by the fees and the timing of when they will be assessed.

3. Evidence of a bond in the amount of $100,000, to be maintained for two (2) years following the date on which the credit services business ceases to conduct business in Tennessee. 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.

Debt Management

If a licensee wishes to reinstate an expired license, the licensee must complete a “reapply” application through their CORE account and submit payment of a $4,000 application fee.
 

Credit Services Businesses

If a licensee wishes to reinstate an expired license, the licensee must complete a “reapply” application through their CORE account and submit payment of a $50 application fee.

If a licensee wishes to surrender or close their Debt Management, Debt Resolution, or Credit Services license, email their request to reg.boards@tn.gov.

A licensee should email reg.boards@tn.gov if they wish to update their address or other contact information on file with the Department. Changes of address should be submitted along with updated bond documentation showing the new address.

Prior to the expiration of a bond, a new bond shall be submitted to the Department via an initial license application at core.tn.gov. Each bond shall be accompanied by a filing fee of $50.

Upon experiencing a change of ownership, a licensee should submit an initial license application at core.tn.gov, along with a $50 application fee.