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