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Tennessee Collection Service License Bond

How much does a collection service license bond cost in Tennessee?

Debt collection services in Tennessee must post a surety bond prior to conducting business as a licensing requirement.

The required bond amount is based on the number of employees the collection service employees and are as follows:

These bonds are subject to underwriting consideration, so the cost of your bond depends not only on your required bond amount but also on a soft review of your personal credit report.

Bond Type Bond Amount Cost*
$15,000 Collection Service License Bond 1-4 employees $15,000 Starts at $150 Apply Now
$20,000 Collection Service License Bond 5-9 employees $20,000 Starts at $200 Apply Now
$25,000 Collection Service License Bond 10+ employees $25,000 Starts at $250 Apply Now
*The bond premium rate quotes provided to you through this website are for pricing comparisons and quotation estimate purposes only. The bond rate quotes provided are based on general assumptions that may or may not be applicable to you and are subject to change at any time. These rate quotes do not constitute an offer of insurance, nor is any contract, agreement, or bond coverage implied, formed or bound by the provision of rate quotes. Bondability, final bond premium rate quotes and an offer of insurance, if any, will be determined by the insurance company providing your bond. You must contact us directly to obtain a quote for binding purposes.

Why do I need this bond?

Tennessee collection service license bonds help to guarantee that principals (collection service licensees) faithfully and truly account to their clients within 30 days after the close of each calendar month unless otherwise provided by mutual agreement between the collector and the client. Generally, the bond ensures that principals conduct business in accordance with the provisions of Title 62, Chapter 20 of the Tennessee Code Annotated.

If the principal conducts unlawful or unethical business, the bond protects consumers from financial loss up to the full amount of the bond.

What’s the fine print?

Collection service license bonds in Tennessee remain valid for a period of 1 year from the effective date indicated on the bond form and a notary public must acknowledge all signatures on the bond form.

How to start a collection service in Tennessee

Applicants should contact the Licensing Board for information on the application, renewal and fees to become a collection service in Tennessee. This contact information is available in the Additional Resources section of this page.

The forms to be completed prior to starting a collection service include:

  • Agency Application
  • Agency Branch License Application
  • Service License Bond in the proper amount based on the number of employees
  • Agency License Renewal Application Form and Information
  • Balance Sheet

Additional Resources

Collection Service Board License Requirements

Collection Service Agency Application

Collection Service Board Forms and Downloads

Tennessee Code Title 62, Chapter 20 (Collection Service Act)

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