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Collection board adopts rulemaking package to redefine ownership change, reorganize prohibited practices
Summary
The Tennessee Collection Service Board on Wednesday held a rulemaking hearing and adopted a package of rule amendments that redefines change of ownership, reorganizes prohibited practices and incorporates CFPB Regulation F violations into the chapter's enforcement language.
The Tennessee Collection Service Board on Wednesday, Jan. 8, 2025, held a public rulemaking hearing and voted to adopt a package of administrative rule amendments for submission to the secretary of state.
The package, summarized on the record by board counsel Joseph Wharton, reorganizes the placement of prohibited practices; redefines change of ownership for limited liability companies and corporations to apply when "any change that results in a different person or entity acquiring an aggregate of 50% or more"; removes the requirement that staff contact applicant character references as part of fitness…
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