Notice of Effective Date for New Rules for
Tennessee Collection Service Board
Pursuant to Tenn. Code Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession.
The Tennessee Collection Service Board considered new rules at a regularly scheduled meeting conducted on July 13, 2016. These rules were filed with the Secretary of State on October 26, 2016 and will become effective on January 24, 2017. These rules have been filed as Proposed Rules and will be promulgated without a hearing ninety (90) days from the filing date unless a petition is received by at least ten (10) persons who will be affected by the amendments, or submitted by a municipality which will be affected by the amendments, or an association of ten (10) or more members, or any standing committee of the General Assembly.
These rules define a change of ownership for a sole proprietorship or general partnership to many any change in the persons having ownership interest or, with regards to a corporation or limited liability company, an aggregate change of ownership interest of fifty (50) percent or more. Change of ownership is referenced twice in current statutes and requires entities with any change in ownership to notify the Board and reapply for licensure. A full copy of these rules can be viewed online at http://share.tn.gov/sos/rules_filings/10-18-16.pdf.
If you have any questions or concerns about these proposed rules, please contact Sarah Mathews, Assistant General Counsel, at (615) 741-3072 or electronically at Sarah.Mathews@tn.gov.