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;

Terms Used In Tennessee Code 62-20-114

  • Collection service: includes , but is not limited to:
    (A) Any deputy sheriff, constable or other individual who, in the course of that person's duties, accepts any compensation other than that fixed by statute in connection with the collection of an account. See Tennessee Code 62-20-102
  • Fiduciary: A trustee, executor, or administrator.
  • Month: means a calendar month. See Tennessee Code 1-3-105
(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.
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