209 CMR, § 18.14 - Preserving Identity of Funds of Clients - Debt Collection
(1) All funds of clients paid to a debt
collector shall be deposited in one or more trust accounts maintained at a
federally insured bank.
(2) The
gross amount of monies collected from consumers by the debt collector shall be
deposited into the trust account(s).
(3) In remitting to clients, a debt collector
may offset funds in the trust account(s) against commissions to which it is
entitled for payments made by consumers directly to clients. All offsets shall
be accounted for through written documentation evidencing the amount of
offset.
(4) A debt collector shall
maintain complete and accurate trust account records. A debt collector shall
produce, upon request, all documents pertaining to trust account activity,
including, but not limited to: bank settlements, check stubs, canceled, voided
or unused checks, deposit tickets, and reconciliations or other comparable
account records.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.