§ 62-20-114. Requirements of collection service licensees.

TN Code § 62-20-114 (2019) (N/A)
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(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;

(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.