How do I apply for an initial Collection Agency license?

Jason S -

I. Application (CORE) 

II. Requirements 

1. A current personal or corporate financial statement prepared by a licensed CPA/PA

i.  Must indicate that the company maintains a separate fiduciary or trust bank account with sufficient funds at all times to disburse such amounts as due all clients. (Refer to TCA 62-20-114) and, the financial statement must reflect that it is a financial responsible agency as per TCA 62-20-102(5).

2. Surety Bond or Certificate of Deposit 

i. A surety bond executed by the applicant and a surety company authorized to do business in the State of Tennessee, made payable to the State of Tennessee.

ii. The amount of the surety bond shall be prorated and based on the certified number of employees per agency as follows:

1-4 employees -- $15,000

5-9 employees -- $20,000

10 or more employees -- $25,000

3. Copy Business License (If Applicable; TN Based Companies ONLY)  

4. Tennessee Tax Verification (If Applicable; TN Based Companies ONLY)  

III. Fee, $750

i. $25 for each solicitor will also be required before a license can be issued. Any person acting as a solicitor for any collection service must possess a valid solicitor’s identification card.


Collection Branch Requirements 

A licensed collection agency physically located in the State of Tennessee that desires to maintain a branch in addition to the principal place of business must submit a branch application for each branch office located in Tennessee.

Applications for collection branches must be accompanied by $100 registration fee and $25 for each solicitor.

Contact an agent. Submit a request