Collection service license bond cost
Debt collection services in Tennessee must post a surety bond prior to conducting business as a licensing requirement.The required bond amount is based on the number of employees the collection service employees. These amounts are listed below:
- 1-4 employees: $15,000 surety bond
- 5-9 employees: $20,000 surety bond
- 10 or more employees: $25,000 surety bond
These bonds are subject to underwriting consideration, so the price you’ll pay depends not only on your required bond amount but also on a review of your personal credit report. Give us a call at 888.610.4474 or submit a bond request to begin our fast and easy bonding process.
Why this bond
Tennessee collection service license bonds help to guarantee that principals (collection service licensees) faithfully and truly account to their clients within 30 days after the close of each calendar month unless otherwise provided by mutual agreement between the collector and the client.
Generally, the bond ensures that principals conduct business in accordance with the provisions of Title 62, Chapter 20 of the Tennessee Code Annotated.If the principal conducts unlawful or unethical business, the bond protects consumers from financial loss up to the full amount of the bond.
Collection service license bond details
Collection service license bonds in Tennessee remain valid for a period of 1 year from the effective date indicated on the bond form.A Notary public must acknowledge all signatures on the bond form.
Start a collection service
Applicants should contact the Licensing Board for information on the application, renewal and fees to become a collection service in Tennessee. This contact information is available in the Important Links section of this page.
The required forms include:
- Agency Application
- Agency Branch License Application
- Service License Bond in the proper amount based on the number of employees
- Agency License Renewal Application Form and Information
- Balance Sheet
Take the first step toward becoming licensed in Tennessee by purchasing the surety bond you need quickly and easily!
Apply for your surety bond
Get a FREE Tennessee Collection Service License Bond Quote Today! Click here to begin