Required records:
The collection agency must maintain the following records at
the licensed location:
(1)
Bank
trust records.
(a) Duplicate receipt
book or cash receipts journal recording all receipts showing date received and
the customer who paid;
(b)
Sequentially numbered checks with check register or cash disbursement journal
or check stubs showing the purpose of the disbursement and the client account
it is debited to;
(c) Bank deposit
slips verifying the date deposited and reconciled with receipt book or cash
receipts journal;
(d) Client's
accounting ledger or client remittance report summarizing all moneys received
and all moneys disbursed for each client collection account; and
(e) Reconciled bank statements and canceled
checks for all trust bank accounts.
(2)
Other records.
(a) Copies of all financial statements of
licensee showing solvency;
(b)
Annotations of significant events or conversations with debtors;
(c) Transactions folders containing all
agreements, contracts, documents, statements and correspondence for each debtor
and client (may be maintained electronically or on other retrievable medium);
and
(d) Collection agreements
authorizing the licensee to collect debts or a schedule listing all fees or
charges to be charged to the debtor or client.
Accuracy, accessibility and retention of
records:
All required records shall be accurately posted, kept
up-to-date and kept at the address where the collection agent is licensed to do
business. Such records shall be retained and available for inspection by the
director or the director's authorized representative during normal business
hours. The collection agent shall provide copies of required records upon
demand by the director or the director's authorized representative.
(3)
Licensee's
responsibilities:
(a) The licensee
shall be responsible for the custody, safety and the accuracy of entries in all
required records. The licensee retains this responsibility even though another
person or persons assume the duties of preparation, custody or
recording.
(b) The licensee shall
obtain copies of the Collection Agency Act (chapter 19.16 RCW) and the rules
implementing the act (chapter
308-29 WAC) and be knowledgeable of these laws
and rules in their most recent version.
(c) The licensee must ensure accessibility of
the licensed location and records to the director or the director's
representative.
(4)
Administration of trust funds and client property:
(a) A licensee who receives funds or moneys
from any debtor, client or customer shall hold the funds or moneys in trust for
the purposes of the agreement and shall not utilize such funds or moneys for
the benefit of the licensee or any person not entitled to such
benefit.
(b) All funds or moneys
received shall be deposited into a federally insured banking
institution.
(c) The trust bank
account will be in the licensee's name and identified as a trust
account.
(d) Preauthorization of
regular disbursements or deductions on an ongoing basis by financial
institutions is not permitted for multiclient accounts.
(e) When a contract between the licensee and
client expires, terminates, or is no longer in existence, the licensee shall
give a closing statement to the client summarizing all receipts and payments
since the last statement and shall return all instruments and client property
to the client within thirty days after written demand from the client, or as
specified in the client contract.
