1. (1) Recordkeeping Requirements

   1. (a) A licensee shall retain a copy of each signed agreement with any consumer and evidence supporting any amendments or alterations thereof for not less than five (5) years from the date that the consumer either graduates or terminates the debt resolution program.

   2. (b) A licensee shall retain for a period of two (2) years from the date the record is produced, the following records:

      1. 1. All substantially different advertising, brochures, telemarketing scripts, promotional materials, and supportive data;
      2. 2. The name and last known address of each consumer, the goods or services purchased, the date the goods or services were first provided or the consumer signed an agreement for the provision of the goods or services, and the amount paid by the consumer for the goods or services; and
      3. 3. The name, any fictitious name used, the last known address and telephone number, and the job titles for all current and former employees directly involved in sales or solicitations; provided, however, that if the licensee permits fictitious names to be used by employees, each fictitious name must be traceable to only one (1) specific employee.

   3. (c) A licensee shall make and keep current the following books and records relating to its business, at a minimum:

      1. 1. Ledgers reflecting all assets and liabilities, income and expense, and capital accounts;
      2. 2. Copies of all communications, correspondence, and other records relating to debt- resolution services agreements and plans with, about, or on behalf of clients;
      3. 3. The personnel or contractor records for any employee, agent, or contractor of the licensee about whom the licensee has received complaints from clients regarding any conduct relative to the licensee’s services;
      4. 4. A client information form for each client. If recommendations are to be made to the client, the form shall include such information as is necessary to determine suitability; and
      5. 5. All partnership certificates and agreements or, in the case of a corporation, all articles of incorporation, by-laws, minute books, and stock certificate books of the licensee.
   4. (d) Every licensee shall make and keep such accounts, correspondence, and other records as the commissioner prescribes by rule.
2. (2) All activities, books, accounts, and the records of a provider or a person to which a provider has delegated its obligations under an agreement are subject at any time and from time to time to such reasonable periodic, special, or other examinations, within or without this state, by representatives of the commissioner, as the commissioner deems necessary or appropriate in the public interest or for the protection of clients or to ensure compliance with the Act. The cost of such examination shall be borne by the person examined in the same manner as is provided for insurance companies, except that not more than two (2) such examinations shall be charged to such person in any twelve-month period.

3. (3) Annual Reports

   1. (a) A licensee shall file with the commissioner an annual report, under oath, that includes the following information for the calendar year reporting period:

      1. 1. Total number of active consumers in Tennessee;
      2. 2. Total number of enrolled consumers in Tennessee; and
      3. 3. The total fees collected in Tennessee.
   2. (b) If a licensee does not file an annual report as required by T.C.A. § 47-18-5812 or does not amend a filed report within thirty (30) days after the commissioner provides notice to the licensee that the licensee’s filed annual report requires amendment, then the commissioner may assess civil penalties against the licensee and suspend, revoke, or refuse to renew the licensee’s license.

Authority: T.C.A. §§ 47-18-5808, 47-18-5812, and 47-18-5817. Administrative History: New rules filed March 17, 2026; effective June 15, 2026.