Tennessee Debt Settlement Laws

Debt Settlement License Registration Required:

Statute: Tenn. Code Ann. §47-18-5501 et seq.

Definition: Debt-management services means services as an intermediary between an individual and one (1) or more creditors of the individual for the purpose of obtaining concessions, but does not include:

          (A)  Legal services provided in an attorney-client relationship by an attorney licensed or otherwise authorized to practice law in this state;

          (B)  Accounting services provided in an accountant-client relationship by a certified public accountant licensed to provide accounting services in this state; or

          (C)  Financial-planning services provided in a financial planner-client relationship by a member of a financial-planning profession whose members the administrator, by rule, determines are:

                (i)  Licensed by this state;

                (ii)  Subject to a disciplinary mechanism;

                (iii)  Subject to a code of professional responsibility; and

                (iv)  Subject to a continuing-education requirement;