Tennessee Collection Laws

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.

This site has taken this information from the website listed in this state. We will not be held liable for any errors or for not updating. Updates are done every 3 months.