{"id":939,"date":"2013-04-24T02:38:20","date_gmt":"2013-04-24T02:38:20","guid":{"rendered":"http:\/\/suretyone.com\/blog\/?p=939"},"modified":"2017-01-03T16:20:36","modified_gmt":"2017-01-03T16:20:36","slug":"tennessee-collection-service-bond","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/tennessee-collection-service-bond\/","title":{"rendered":"Tennessee Collection Service Bond"},"content":{"rendered":"

A Tennessee collection service bond<\/strong> along with fees, financial statements and other agency documents must be filed with the State before a collection agency can begin operations. \u00a0Tennessee law defines a “collection service” as any individual (or entity) that commences, conducts, or operates any collection service business in the State of Tennessee, except any person handling claims, accounts, or collections under order of any court, attorneys at law, and any person engaged in the collection of indebtedness incurred in the normal course of business or the business of a parent, subsidiary, or affiliated firm or corporation. \u00a0ALL other parties must provide the Tennessee collection service bond<\/a><\/strong>.\u00a0All collection services doing business in and\/or located within the State of Tennessee whether they be resident or non-resident entities, must employ a location manager who must be licensed by the Collection Service Board<\/a>\u00a0prior to serving in such capacity. \u00a0There is a state licensing examination for the location manager and a requirement that the applicant provide CPA prepared financial statements for the Board’s review. \u00a0The Tennessee collection agency bond<\/strong> must be written in an amount based on the agency employment count, as follows; 1-4 employees — $15,000 collection service surety bond<\/a>, 5-9 employees — $20,000 collection service bond<\/a>, or for 10 or more employees — $25,000 collection service bond<\/a>. \u00a0 \u00a0The obligation is condition on the licensee faithfully and truly accounting to the licensee\u2019s clients within thirty (30) days after the close of each calendar month, unless otherwise provided by mutual agreement between the collector and the client.\u00a0Tennessee surety leader<\/strong>,\u00a0Surety One, Inc.<\/a>\u00a0specializes in the bonding needs of the \u00a0financial services sector. \u00a0We offer collection service bonds\u00a0<\/em>to all applicants in every state where collection agencies must be bonded. We also offer superlative\u00a0fidelity bond<\/a>\u00a0coverages especially for colletions agencies to mitigate the risk of internal dishonesty losses. \u00a0Visit\u00a0SuretyOne.com<\/a>, call\u00a0(787) 333-0222<\/span>\u00a0or\u00a0(800) 373-2804<\/span>, or email\u00a0Underwriting@SuretyOne.com<\/span>\u00a0for a\u00a0Tennessee collection service bond<\/strong>\u00a0application or Tennessee collection agency bond<\/strong> information.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Tennessee collection service bond along with fees, financial statements and other agency documents must be filed with the State before a collection agency can begin operations. \u00a0Tennessee law defines a “collection service” as any individual (or entity) that commences,… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[139],"tags":[1172,1173,1171,1174,1175],"yoast_head":"\nTennessee Collection Service Bond • Surety One, Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/tennessee-collection-service-bond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tennessee Collection Service Bond • Surety One, Inc.\" \/>\n<meta property=\"og:description\" content=\"A Tennessee collection service bond along with fees, financial statements and other agency documents must be filed with the State before a collection agency can begin operations. \u00a0Tennessee law defines a “collection service” as any individual (or entity) that commences,... 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