Tennessee Collection Laws
Many states impose responsibilities, liabilities and penalties upon companies for activities of Tennessee debt collectors engaged by them in the collection of debts. You need to know the Tennessee collection laws and state debt collections law.
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You can be held accountable for what your Tennessee collection attorney does
or doesn't do. You must know the Tennessee collection laws, and the
information here can reduce your liability by giving you the state debt
collections law information for making informed decisions. Please study the
Tennessee collections laws listed below and make sure your Tennessee
collection lawyer abides by them to the letter.
Debt collections law vary, and knowing the right collection law for your state
and your debtor's state is essential. Here you can read up on: Tennessee
Statute of Limitations, Tennessee Judgments, Tennessee Garnishments, North
Dakota Interest Rates, Tennessee Bad Check Laws and Tennessee Collection
Agency Requirements.
Title 62, Chapter 20
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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