The fastest, most successful way to collect an unpaid debt successfully and quickly is to work with a collection agency that knows your state’s unique collection laws. Hiring a Tennessee collection agency — or a national agency which has experts on Tennessee collections law on staff — can dramatically boost your chances of successfully collecting on your unpaid account.
Tennessee Collection Laws Interest Rate
| Legal: | 10% |
| Judgment: | 10% or contract rate (varies with type of transaction) |
Tennessee Collection Laws Statute Of Limitations
| Open Account: | 6 years |
| Written Contract: | 6 years |
| Domestic Judgment: | 10 years |
| Foreign Judgment: | 10 years |
Tennessee Collection Laws Bad Check Laws (NSF) (Civil Penalty)
| Treble damages up to $500 + 10% interest and reasonable service charges, attorney’s fees, and court costs |
Tennessee Collection Laws General Garnishment Exemptions
| See Federal law. Add $2.50 per week for dependent child under 16 |
Tennessee Collection Laws Collection Agency Bond & Licensing Rules
| Bond: | $15,000 1-4 employees, $20,000 5-9 employees, $25,000 10 or more employees |
| License: | Yes |
| Fee: | $600 – Original, $350 – Renewal, $25 – Each Solicitor |
Disclaimer: While we strive to keep our state resource data accurate and up-to-date, the information contained on this page is provided without any warranty (expressed or implied), and should not be considered legal advice. We assume no liability for its use.
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