Credit Collection Information by State
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Tennessee Commercial Credit & Collection Information
INTEREST RATE
- Legal: 10%
(47-14-103)
- Judgment: 10% (or
contract rate) (varies with type of transaction) (47-14-121)
STATUTE OF LIMITATIONS
(IN YEARS)
- Open Acct.: 6
- Written Contract: 6
- Domestic Judgment:
10
- Foreign Judgment: 10
BAD CHECK LAWS (CIVIL
PENALTY)
-
If
fraudulent intent:
Treble damages up to $500
-
Otherwise 10% interest & reasonable service charges,
atty.'s fees, & court costs.
-
(Tennessee
Code 47-29-101)
GENERAL GARNISHMENT
EXEMPTIONS
See federal law. Add $2.50 per wk. for dependent child under 16.
COLLECTION AGENCY BOND
& LICENSE
- Bond: (TN
Code 62-20-106)
- $15,000 1-4
employee
- $20,000 5-9
employee
- $25,000 10 or more
- License: Yes
- Fee: Yes,
Determined by board (TN Code 62-20-109)
- 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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