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

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

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

Tenn. Code Ann. § 62-20-116  (2016)

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 § 62-20-112.

   (3) [Deleted by 2013 amendment, effective April 23, 2013.]

HISTORY: Acts 1981, ch. 170, § 16; 1988, ch. 823, § 29; 2013, ch. 180, § 9.

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This Page Last Updated: June 7, 2016 at 2:46 pm