Name Change
If a Collection Agency wants to complete a name change or add a DBA to their file that does not involve a change of ownership:
- Send an email to the Collection Services email Collection.Service@TN.Gov that provides the current name and license file number with a request to change the name/ add the DBA on their file. I.E. – please change the name for ABC Collections File 1 to XYZ Collections, or please add the DBA XYZ Collections to our ABC Collections License File 1.
- They will need to attach some type of legal document for the name change. Typically, this is the filing they made with their home state or TN for the new business name at the Secretary of State’s office.
- Advise them they will need to submit a Surety Bond Rider in Core for the change once they receive it from their provider. It does not have to be with their initial name change request for it to be processed.
Address Change
In order to update this information with the Collections Board, you will be required to submit in writing (email) the new Physical Address along with the license number of the agency. You will also be required to send in an updated SURETY BOND with updated address information listed. This is required within 30 days of the address change.
A fee to change addresses is not required.
Ownership
The board shall be promptly notified in writing of any change in address, management or ownership of a collection service business.
Please note below the Rules regarding change of ownership and note that the Collection Service Board has deemed that these guidelines apply to direct ownership changes only. Please be guided accordingly to determine if any of the licenses indicated will need to file a Change of Ownership application. This option is found in the Reapplication tile when you sign into your Core account.
0320-01-.04 CHANGE OF OWNERSHIP. As referenced in T.C.A. §§ 62-20-108 and 62-20-113, “change in ownership” means: (1) In a sole proprietorship or partnership, any change in the person(s) having an ownership interest in the collection service business; (2) In a corporation or limited liability company (LLC), any change that results in a different person(s) or entity(s) acquiring an aggregate of fifty (50) percent or more of the shares, ownership, or other member interest, respectively.