As used in this chapter, unless the context otherwise requires:

(1) “Board” means the Tennessee collection service board;
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Terms Used In Tennessee Code 62-20-102

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the Tennessee collection service board. See Tennessee Code 62-20-102
  • Client: means any person who retains the services of a collection service and for such services directly provides the fee, commission or other compensation. See Tennessee Code 62-20-102
  • 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
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Financially responsible: means capable, as demonstrated to the board's satisfaction, of sound financial management and fiscal discretion. See Tennessee Code 62-20-102
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Person: means an individual, firm, corporation, association or other legal entity. See Tennessee Code 62-20-102
  • Statute: A law passed by a legislature.
(2) “Client” means any person who retains the services of a collection service and for such services directly provides the fee, commission or other compensation;
(3) “Collection service” means any person that engages in, or attempts to engage in, the collection of delinquent accounts, bills or other forms of indebtedness irrespective of whether the person engaging in or attempting to engage in collection activity has received the indebtedness by assignment or whether the indebtedness was purchased by the person engaging in, or attempting to engage in, the collection activity. “Collection service” does not include any person that engages in, or attempts to engage in, the collection of notes or guarantees. “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;
(B) Any person who, in the process of collecting that person’s own accounts, uses or causes to be used any fictitious name that would indicate to a debtor that a third party is handling the accounts;
(C) Any person who offers for sale, gives away or uses any letter or form designed for use in the collection of accounts that deceives the receiver into believing that an account is in the hands of a third party, even though the letter or form may instruct the debtor to pay directly to the debtor’s creditor; and
(D) Any person who engages in the solicitation of claims or judgments for the purpose of collecting or attempting to collect claims or judgments or who solicits the purchase of claims or judgments for the purpose of collecting or attempting to collect claims or judgments by engaging in or attempting to engage in collection activity relative to claims or judgments;
(4) “Collection service license” means a license granted to a collection service;
(5) “Financially responsible” means capable, as demonstrated to the board’s satisfaction, of sound financial management and fiscal discretion. The board may deem to be not financially responsible any person who:

(A) Submits a balance sheet reflecting liabilities in excess of assets;
(B) Is unable to pay debts as they mature;
(C) Submits materially inaccurate financial information; or
(D) Issues a check to a client without sufficient funds for the payment of the check in full;
(6) “Person” means an individual, firm, corporation, association or other legal entity; and
(7) [Deleted by 2021 amendment.]
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