How do I apply for an initial Collection Agency license?

Jason S -

1. "Initial Agency Application" (CORE)

2. Supporting Documents

i. A current personal or corporate financial statement prepared by an Active CPA/LPA (a current Independent Auditor Report or Current Year Ending Statement may also suffice).

ii. 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).

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

a. 1-4 employees -- $15,000

b. 5-9 employees -- $20,000

c. 10 or more employees -- $25,000

iv. If Applicable, a certificate of deposit may be substituted for the bond in the amounts above

v. First 6 months proposed operating budget

vi. Request for Solicitors Identification Cards

- Upon approval by the Collection Service Board, a $600 registration fee and $25 for each solicitor will 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.

3. Fee, $750

Contact an agent. Submit a request