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Collection board limits ownership-reporting for existing licensees to direct transfers of 50% or more
Summary
The Tennessee Collection Service Board voted Jan. 8, 2025, to stop requiring licensees to report indirect changes in ownership and to limit reporting for existing licensees to direct transfers that result in a different person or entity acquiring an aggregate of 50% or more of the licensee.
The Tennessee Collection Service Board voted Wednesday, Jan. 8, 2025, to limit its ownership-reporting requirements for existing collection agency licensees to direct transfers that result in a different person or entity acquiring an aggregate of 50% or more.
The change was proposed during the directors report and adopted by motion. Executive Director Roxanna Gamusio presented staffs analysis of the boards current practice and described a recommended revision to the boards internal processing: staff will require a new application only when there is a direct ownership change of 50% or more, rather than requiring disclosure when ownership changes occur at indirect tiers…
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