Tennessee Collection Agency Bonds

A Collection Agency Bond, specifically referred to as a Collection Service License Bond in the State of Tennessee, is required for the purpose of conducting and operating a collection service pursuant to the provisions of Public Chapter 170, Section 6, Subsection 3, State of Tennessee. The surety bond is governed by the Tennessee Collection Service Board and is set in the coverage amount or the penal sum of Twenty Five Thousand Dollars ($25,000.00). The surety bond guarantees the licensee's proper and faithful accounting to the clients of the collection agency.