2010 Tennessee Code
Title 62 - Professions, Businesses and Trades
Chapter 20 - Tennessee Collection Service Act
62-20-114 - Requirements of collection service licensees.
62-20-114. Requirements of collection service licensees.
Each collection service licensee shall:
(1) Keep and retain for a period of three (3) years accurate individual records of collections, including the amount and date of payment and the names of the debtor and creditor;
(2) Issue, upon request, individual collection receipts, showing the amount and date of payment, names of the debtor and creditor and the balance, if any, remaining unpaid;
(3) Maintain a separate fiduciary or trust bank account with sufficient funds at all times to disburse amounts due all clients; and
(4) Maintain records and books reflecting the true condition of bank accounts at the end of each calendar month.
[Acts 1981, ch. 170, § 14; 1988, ch. 823, § 26.]
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