As referenced in T.C.A. §§ 62-20-108 and 62-20-113, “change in ownership” means:
- (1) In a sole proprietorship or partnership, any change in the person(s) having an ownership interest in the collection service business;
- (2) In a corporation or limited liability company (LLC), any change that results in a different person(s) or entity(s) acquiring an aggregate of fifty (50) percent or more of the shares, ownership, or other member interest, respectively..
Authority: T.C.A. §§ 62-20-104(g), 62-20-108, and 62-20-113. Administrative History: New rule filed October 26, 2016; effective January 24, 2017. Amendments filed June 26, 2025; effective September 24, 2025.