Requirements of Collection Service Licensees

  1. Law
  2. Tennessee Code
  3. Professions, Businesses and Trades
  4. Tennessee Collection Service Act
  5. Requirements of Collection Service Licensees

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Each collection service licensee shall:

  1. Keep and retain for a period of three (3) years accurate individual records of collections, including the amount and date of payment and the names of the debtor and creditor;
  2. Issue, upon request, individual collection receipts, showing the amount and date of payment, names of the debtor and creditor and the balance, if any, remaining unpaid;
  3. Maintain a separate fiduciary or trust bank account with sufficient funds at all times to disburse amounts due all clients; and
  4. Maintain records and books reflecting the true condition of bank accounts at the end of each calendar month.


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