An application for a collection service license shall be submitted on the form prescribed by the board and shall be accompanied by:
(1) A nonrefundable application fee as set by the board;
(2) A current personal or corporate financial statement prepared by a licensed public accountant or certified public accountant;
(3) A surety bond executed by the applicant and a surety company authorized to do business in this state, made payable to the state of Tennessee. The amount of this surety bond shall be pro rated and based on the certified number of employees per collection agency as follows: One to four (1-4) employees — fifteen thousand dollars ($15,000);
(4) Five to nine (5-9) employees — twenty thousand dollars ($20,000);
(5) Ten (10) or more employees — twenty-five thousand dollars ($25,000); or
(6) Instead of the bond, a certificate of deposit in the sums as outlined in this subdivision (3)(A), which shall be assigned to the board;
(7) The bond or assignment of certificate of deposit shall be conditioned that the applicant shall faithfully and truly perform all agreements entered into with its clients accounting for the net proceeds of all collections in accordance with this chapter; and
(8) Any other relevant information and documentation that may be requested by the board to determine whether the applicant meets the requirements for initial licensure as set forth in § 62-20-107.