2010 Tennessee Code
Title 62 - Professions, Businesses and Trades
Chapter 20 - Tennessee Collection Service Act
62-20-116 - Actions required at expiration or revocation of license.

62-20-116. Actions required at expiration or revocation of license.

(a)  Upon the expiration or revocation of any license held under this chapter, the licensee shall:

     (1)  Within ninety (90) days, return or assign all uncollected accounts to the licensee's clients or their order;

     (2)  Not charge or receive any fee or compensation for the return or assignment of uncollected accounts;

     (3)  Not charge or receive any fee or compensation on any moneys received or collected subsequent to the expiration, suspension or revocation; and

     (4)  Within ninety (90) days, remit all moneys to the owners of the accounts on which the moneys were paid.

(b)  This section shall not be construed to:

     (1)  Prohibit a bulk sale of the business, assets and good will of a collection service whose license becomes invalid;

     (2)  Deprive a licensee of the privilege of late renewal granted by § 62-20-112; or

     (3)  Prohibit the continuation of business at a location of a licensed collection service without a licensed location manager for a period of no more than one (1) year during which time the collection service licensee shall obtain a licensed location manager for the location.

[Acts 1981, ch. 170, § 16; 1988, ch. 823, § 29.]