Tennessee Collection Service License Bond, The Collection Service Surety Bond, is required by the state of Tennessee Collection Service Board. This Bond requires principals that have applied for a license to operate a collection service in Tennessee. Therefore, the principal must adhere to all rules and regulations of said permit and agrees to faithfully keep true accounting records of all clients under Tennessee Code. This Bond also ensures the principal complies with all local and state laws. The surety bonds penalty is directly related to the number of employees a. $15,000 (1- 4 employees); b. $20,000 (5-9 employees); c. $25,000 (10 or more employees).