$350 fee to renew collection agency licenses
Your license is good for two (2) years and renewal notices are sent approximately sixty (60) days prior to expiration. You should submit a renewal application and payment at least ten (10) days prior to expiration of your current license to allow for adequate processing time. If your license expires, by statute, you must cease collection activity. If your expiration is less than sixty (60) days you may still file for renewal on-line at https://core.tn.gov but there will be a $100 late fee assessed. If your license has not expired you would also file for renewal at https://core.tn.gov. When you sign in choose the renewal option. Complete the application uploading all documents required and paying the fee. You will also need the following:
A current Internal Balance Sheet (CPA prepared), or Reviewed, Compiled or Audit Financial Statement completed 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.
Surety Bond or Certificate of Deposit relevant to the number of employees in your Agency:
$15,000 (1-4 employees) $20,000 (5-9 employees) $25,000 (10 or more employees)
NOTE: If you license is expired more than 60 days you will need to log into core at https://core.tn.gov and complete the Reapply application. (Agency Reapply).