62-20-114. Requirements of collection service licensees.

*** Current through the 2015 Regular Session ***

Title 62  Professions, Businesses and Trades  
Chapter 20  Tennessee Collection Service Act

Tenn. Code Ann. § 62-20-114  (2016)

62-20-114.  Requirements of collection service licensees.

  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.

HISTORY: Acts 1981, ch. 170, § 14; 1988, ch. 823, § 26.

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This Page Last Updated: June 7, 2016 at 2:39 pm