Wis. Admin. Code Department of Financial Institutions § DFI-Bkg 74.05 - Remittance statement

(1) REMITTANCE STATEMENT TO BE FURNISHED EACH CREDITOR. Licensee shall provide a remittance statement and remit any and all money due to any and all creditors or forwarders within 30 days from the close of the month during which the collection was effected as provided in s. 218.04(5) (a)4, Stats. The remittance statement shall set forth all of the following:

(a) Date of remittance.

(b) Debtor's name.

(c) Date of collection and amount collected from each debtor which shall include interest and other charges. Attorneys fees, court costs or suit fees if paid by or charged to the creditor and non-sufficient fund fees assessed by the creditor shall be included as other charges. Fees permitted and collected pursuant to s. DFI- Bkg 74.11(2) (b) to (d) shall not be included as other charges.

(d) Distribution of money collected from each debtor including interest and non-sufficient fund fees assessed by the creditor, if any, showing the amount due the licensee as commission and the amount due the creditor or forwarder.

(2) DUPLICATE COPY OF REMITTANCE STATEMENT TO BE RETAINED BY LICENSEE. A duplicate copy of each remittance statement furnished a creditor or forwarder shall be available in the office of the licensee and shall be filed by the month in which it was issued either alphabetically or by claimant number.

Notes

Wis. Admin. Code Department of Financial Institutions § DFI-Bkg 74.05

CR 06-045: CR Register September 2006 No. 609, eff. 10-1-06.