Wash. Admin. Code § 308-29-025 - What records must a licensee maintain at the licensed location?

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.


Wash. Admin. Code § 308-29-025

Statutory Authority: [RCW 19.16.410 ]. 01-11-132, § 308-29-025, filed 5/22/01, effective 6/22/01.

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