1. Notice on company letterhead.
2. Updated surety bond reflecting the name change.
In order to update this information with the Collections Board, you will be required to submit in writing the new Physical Address along with the license number of the firm. 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. An agency must submit a written notification, an amended surety bond, and an amended corporate bond to the Collection Service Board. Please send this information via email to Collection.Service@TN.Gov .
The board shall be promptly notified in writing of any change in address, management or ownership of a collection service business.
As of January 1, 2018, a change of ownership is only required if the transfer is 50% or more. If the company had a change of ownership in the amount of 50% or more, per our statute, they will need to acquire a new license and will need to cease collecting within the State of Tennessee (see below). If this has already transpired, I will have to close this license and they may re-apply as a new agency.
A “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), an aggregate change of fifty (50) percent or more of the shares, ownership or other member interest, respectively.