2015 Tennessee Collection Service Board Legislative Update
Notice of Public Chapter 291
The Tennessee General Assembly has recently made changes to statutes which may impact you as a holder of a license with the Division of Regulatory Boards. Pursuant to Tenn. Code. Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive email notifications of certain changes or potential changes to the law applicable to your profession. As such, please accept this email to notify you of the passage of Public Chapter 291.
Public Chapter 291 removes the requirement that collection service applicants provide a proposed budget of operating expenses, while allowing the Collection Service Board to request additional information in appropriate cases. Specifically, it requires an application for a collection service license to be accompanied by any other relevant information and documentation that may be requested by the board to determine whether the applicant meets the requirements for initial licensure as set for in Tennessee Code Annotated 62-20-107. Previously, the law stated that an application for a collection service license is to be accompanied by a satisfactory proposed budget of monthly operating expenses for the first six (6) months of operation. This language is deleted and amended. Public Chapter 291 became effective April 24, 2015. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://www.tn.gov/sos/acts/109/pub/pc0291.pdf.
If you have any questions or concerns about these new laws, please contact us by email at firstname.lastname@example.org.