Tennessee Law Exempts Mortgage Servicers

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A Tennessee law passed and effective on May 22, 2014 changes the existing licensing requirements for mortgage servicers seeking to obtain the Tennessee Collection Service License.  Under the new law, the definition of “collection service” has been changed, removing the licensing requirement for “any person that engages in, or attempts to engage in, the collection of notes or guarantees.”   Tenn. Code Ann. § 62-20-102(3).  

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