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September 28, 2007, Newsletter Issue #107: Tennessee Collection Agency Laws
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Tip of the Week
Following is some important information on Tennessee state debt collection laws including: Tennessee Statutes, Tennessee Judgments, Tennessee Garnishments, Tennessee Interest Rates, Tennessee Bad Check Laws and Tennessee Collection Agency Requirements.
INTEREST RATE Legal: 10% Judgment: 10% (or contract rate) (varies with type of transaction)
STATUTE OF LIMITATIONS (IN YEARS) Open Acct.: 6 Written Contract: 6 Domestic Judgment: 10 Foreign Judgment: 10
BAD CHECK LAWS (CIVIL PENALTY) Treble damages up to $500 + 10% interest & reasonable service charges, atty.'s fees, & court costs.
GENERAL GARNISHMENT EXEMPTIONS See federal law. Add $2.50 per wk. for dependent child under 16.
COLLECTION AGENCY BOND & LICENSE Bond: $15,000 1-4 employee $20,000 5-9 employee $25,000 10 or more License: Yes Fee: $600 - Original $350 - Renewal $25 - Each Solicitor Exemption for out-of-state collectors: Contact state licensing authority. Out-of-state agencies may be exempt if they [1] maintain office in another state; [2] resides in a state that provides reciprocity; and [3] comply with provisions of licensing.
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