The Tennessee Collection Service Bond guarantees that debt collectors will abide by all state and federal laws. The surety bond protects the public legally and financially if the collector breaks the law when dealing with the public. If the principle acts against the bond, the state has the legally ability to cancel the bond and revoke the business license.
Typically, the bond amount is determined by factors such as the number of agency employees, how much revenue is expected, and the population the agency will be serving, among others. The bond premium (the cost to you) is only a small fraction of the bond amount. Surety1 works to get you the lowest possible premium for your bond.
- Required by: Tennessee Department of Commerce & Insurance, Collection Board Service
- Minimum Bond Amount: $15,000
- Maximum Bond Amount: $25,000
- Valid: Renewable
The specific bond amount is determined by the number of employees of the agency:
- 1-4 employees—$15,000
- 5-9 employees—$20,000
- 10+ employees—$25,000
This bond guarantees that the principle will abide by all Tennessee state laws outlined in the Tennessee Code Annotated Title 62 Chapter 20.
The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct.
Surety1 is not directly involved with the licensing process, but we’ve compiled this information which may helpful for you.
State licensing fees and requirements:
- Surety bond
- License application
- Supporting documents for application (listed on official page)
- $750 application fee
- $25 solicitor card fee
- Federal tax identification number
- Credit report
All licensing fees are required by the obligee, not the surety company.
How do I get a Tennessee Collection Service Bond?
We make it easy, simply complete our easy to navigate, online application. Within 1 business day an agent will call you with a firm quote, you sign some paperwork and your bond will be delivered. Overnight delivery is available. Surety Solutions Insurance Services, Inc. Surety1 is licensed in all 50 states and is rated A+ by the Better Business Bureau