Tenn. Code Ann. § 62-20-110: Bond posted or certificate of deposit assigned

(a) The bond posted or the certificate of deposit assigned in accordance with this chapter shall be in full force and effect during all periods and in all places and areas in which the licensee is doing business within this state as a collection service.

(b) If any collection service violates the conditions of the bond or certificate of deposit, the injured client may maintain an action in the client's own name on the bond or certificate of deposit of the collection service in any court of competent jurisdiction.

(c) In no event shall the aggregate liability of the surety exceed the amount of the bond, nor shall the board or this state be liable to any client relative to an assigned certificate of deposit.