Tennessee § 62-20-116 Actions required at expiration or revocation of license

Tennessee Statutes

§ 62-20-116 — Actions required at expiration or revocation of license

(a)Upon the expiration or revocation of any license held under this chapter, the licensee shall:

(1)Within ninety (90) days, return or assign all uncollected accounts to the licensee's clients or their order;

(2)Not charge or receive any fee or compensation for the return or assignment of uncollected accounts;

(3)Not charge or receive any fee or compensation on any moneys received or collected subsequent to the expiration, suspension or revocation; and (4) Within ninety (90) days, remit all moneys to the owners of the accounts on which the moneys were paid.

(b)This section shall not be construed to:

(1)Prohibit a bulk sale of the business, assets and good will of a collection service whose license becomes invalid; or (2) Deprive a licensee of the privilege of late renewal granted by

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(a) Upon the expiration or revocation of any license held under this chapter, the licensee shall: (1) Within ninety (90) days, return or assign all uncollected accounts to the licensee's clients or their order; (2) Not charge or receive any fee or compensation for the return or assignment of uncollected accounts; (3) Not charge or receive any fee or compensation on any moneys received or collected subsequent to the expiration, suspension or revocation; and (4) Within ninety (90) days, remit all moneys to the owners of the accounts on which the moneys were paid. (b) This section shall not be construed to: (1) Prohibit a bulk sale of the business, assets and good will of a collection service whose license becomes invalid; or (2) Deprive a licensee of the privilege of late renewal granted by § 62-20-112 .

Tennessee § 62-20-116 (Actions required at expiration or revocation of license) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.