Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-05 - Division of Regulatory Boards
Chapter 0780-05-18 - Debt Management Services
Section 0780-05-18-.06 - APPLICABILITY

Universal Citation: TN Comp Rules and Regs 0780-05-18-.06

Current through September 24, 2024

(1) A person forming an agreement to provide debt-management services and any person to whom the account is then transferred are providers subject to the provisions of the Act.

(2) Any person conducting business in this state as a provider must apply to the Division to become registered.

(3) Debt-management services do not include:

(a) Legal services provided by an attorney licensed and in good standing in Tennessee during the entire time services are provided and in an attorney-client relationship;

(b) Accounting services provided by a certified public accountant licensed and in good standing in Tennessee during the entire time services are provided and in an accountant-client relationship;

(c) Financial planning services provided in a financial planner-client relationship by a person who is either licensed as an insurance provider and in good standing or registered as an investment adviser representative and in good standing in this state and who holds one of the following professional designations during the entire time services are provided:
1. Certified Financial Planner (CFP), awarded by the Certified Financial Planner Board of Standards, Inc.;

2. Chartered Financial Consultant (ChFC), awarded by the American College of Financial Services, Bryn Mawr, PA;

3. Personal Financial Specialist (PFS), awarded by the American Institute of Certified Public Accountants;

4. Chartered Financial Analyst (CFA), awarded by the Institute of Chartered Financial Analysts; or

5. Chartered Investment Counselor (CIC), awarded by the Investment Counsel Association of America, Inc.

(d) Services provided within the scope of the business or profession of:
1. A judicial officer or person acting under court order or administrative order;

2. An assignee for the benefit of creditors;

3. A bank or government regulated bank affiliate;

4. A title insurer, escrow company, or person providing bill-paying services if the provision of debt-management services is incidental to the bill-paying services.

Authority: T.C.A. §§ 47-18-5502, 47-18-5503, and 47-18-5532.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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