It is the purpose of the Collection Service Board to formulate public policy concerning the industry, enact rules and regulations, grant licenses to applicants that meet the requirements, initiate investigations, suspend, revoke or cancel licenses for cause, and ensure compliance with enacted legislation pertaining to the collection industry.
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) per TCA 62-20-106 (2).
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).
Effective 10/1/2021 Solicitor Cards are no longer required or available due to a change in statute.