Tennessee § 62-20-114 - Requirements of collection service licensees.
Full text of Tennessee Tennessee Code Annotated § 62-20-114 — Requirements of collection service licensees., with citation guidance and answers to common questions.
§ 62-20-114. Requirements of collection service licensees.
Each collection service licensee shall: 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; 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; Maintain a separate fiduciary or trust bank account with sufficient funds at all times to disburse amounts due all clients; and Maintain records and books reflecting the true condition of bank accounts at the end of each calendar month. Acts 1981, ch. 170, § 14; 1988, ch. 823, § 26.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 62-20-114
What does Tennessee Code Annotated § 62-20-114 cover?
Section 62-20-114 ("Requirements of collection service licensees.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 62-20-114?
A common citation format is "Tennessee Code Annotated § 62-20-114" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 62-20-114 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.