Tennessee § 62-20-114 Requirements of collection service licensees

Tennessee Statutes

§ 62-20-114 — Requirements of collection service licensees

Tennessee § 62-20-114

Title62

This text of Tennessee § 62-20-114 (Requirements of collection service licensees) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 62-20-114 (2026).

Text

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.

Free access — add to your briefcase to read the full text and ask questions with AI

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.