$350 fee + $25 per solicitor card
Your license is good for two (2) years and renewal notices are sent approximately sixty (60) days prior to expiration. You should file for renewal prior to expiration of your current license. 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 www.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 www.core.tn.gov. When you sign in choose TN COLLECTION AGENCY as the Board, and RENEWAL for the application. 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)