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Tennessee Collection Agency Surety Bond Requirement

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The State of Tennessee Department of Commerce & Insurance, Collection Board Service, is responsible for the collections industry. This includes protecting the public by insuring that Collection Agencies, collection services and solicitors properly conduct business, ensure licensure requirements are met, compliance of legislation, and when necessary, initiate investigations. The Tennessee Code Annotated Title 62 Chapter 20 defines the requirements for licensure of collection agencies, collection services and solicitors.

Surety Bond and License Requirements:

  1. Complete the application and pay applicable fees.
  2. Provide current personal or business financial statements prepared by a certified public accountant.
  3. Tennessee applicants must include a copy of a current business license.
  4. Obtain a surety bond and submit it with application (instead of a bond, a certificate of deposit in the bond amount can be provided to the state).
  • $15,000 surety bond is required for entities with 1 to 4 employees.
  • $20,000 surety bond is required for entities with 5 – 9 employees.
  • $25,000 surety bond is required for entities with 10 or more employees.

    • How Much Will a Tennessee Collection Agency Bond Cost?

    The premium that you pay for a Tennessee Collection Agency Bond will vary depending on credit and bond amount required. Our rates start at $150 with good credit. Contact our Surety Bond Specialists for a free quote that fits your specific situation.

    Did You Know?

    Collection agencies with more than one location will need to complete a branch application for each branch office.

    Related Links:

    Tennessee Collection Service Board
    Tennessee Collection Service Agency Application
    Rules of the Tennessee Collection Services Board

    More Surety Bond Questions?

    Check out our FAQ page or What’s a Surety Bond? page. Should you need or choose to buy a surety bond, buy from us. SuretyGroup.com has been underwriting surety bonds throughout the U.S. for more than 35 years. When you work with us, you enjoy the unique benefit of dealing with a team of highly experienced surety agents with in-house underwriting authority. This allows you to receive competitive, low rates, quick approvals, and immediate bond delivery. In most cases, your bond will be delivered within 24 hours after you apply for it.

    DownloadApplication

    For a downloadable application