What is an Tennessee Collection Agency Bond?
Tennessee Collection Agency/Debt Collector Bond's are required by Tennessee's Department of Commerce and Insurance to obtain your Tennessee Collection Agency/Debt Collector Bond. The Tennessee Collection Agency Bond amount is set at $15,000-25,000.
The State requires a Collection Agency bond for:
a $15,000-25,000 surety bond
Different parts of a bond:
There are 3 parts to a Collection Agency surety bond. The Principal "YOU", The Surety Company, and the Obligee. The Principal is the business or individual applying for the Collection Agency Surety Bond. The Obligee is the individual or entity requiring the Surety Bond and the Surety Company is the company who provides the Surety Bond coverage.
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Tennessee Collection Agency Bond Information and Requirements:
To apply for a collection agency license, the applicant must submit the following:
- A non-refundable $750 application fee
- An application to be completed here
- An initial or renewal application must include 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).
- A Trust Account is required by statute and the Trust Balance on the application is an extension of the referenced financial statements. If not verified by the Financials, Bank statements may be submitted to confirm the balance stated per TCA 62-20-114 and 62-20-102(5).
- 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:
- 1-4 employees -- $15,000
- 5-9 employees -- $20,000
- 10 or more employees -- $25,000
- A certificate of deposit may be substituted for the bond in the amounts above.
- Apply »