Tennessee Code 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:

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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

(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; or

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

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