Tennessee Collection Agency Laws

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.