Do commercial debt collectors have to be licensed in Tennessee?
Yes. It is currently the opinion of the Tennessee Collection Service Board that the Tennessee Collection Service Act requires debt collectors that engage in business-to-business collection (i.e., commercial debt collections), to hold a collection service license and comply with all other provisions of the act.
Do you have reciprocity agreements with other states?
No.
Does a Collections Agency need to be physically located in Tennessee?
No.
Do I need an Agency/Branch license for each office under our company?
Whether or not they all have to apply or whether one license covers all depends on their corporate structure.
If each office would submit the exact same Financials and Trust Accounts they would typically be under the same Corporate umbrella. In that case, they could apply for one license and list the other branches as locations on it.
If they used different Financials and Trust accounts, they would need licenses for each.
Can the in-house auditor complete the financial statement?
No. Per statute 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). TCA 62-20-106 (2).