Sec.36a-809-7. Books and records

(a) Each consumer collection agency shall maintain its debtor and creditor records so as to clearly identify the amounts and dates of all payments received from debtors and all remittances made to creditors. Debtor and creditor records shall be kept so as to be readily available to the commissioner and retained for a period of not less than two years after the date of final entry thereon. All accounting records shall be maintained in accordance with generally accepted accounting practices. Each consumer collection agency engaged in the business of collecting child support shall maintain originals or copies of the written agreements entered into with the creditors to whom the child support is owed for a period of not less than two years after the date of the last payment made by the debtor to the consumer collection agency.

(b) Each consumer collection agency shall deposit funds received from debtors in a separate account which shall not be commingled with funds of the consumer collection agency or used in the conduct of the consumer collection agency's business. Such account shall not be used for any purpose other than (1) the deposit of funds received from debtors, (2) the payment of such funds to creditors, and (3) the payment of earned fees to the consumer collection agency. Except for payments authorized by subdivisions (2) and (3) of this subsection, any withdrawal from such account, including, but not limited to, any service charge or other fee imposed against such account by a depository institution, shall be reimbursed by the consumer collection agency to such account not more than thirty days after the withdrawal. Funds received from debtors shall be posted to their respective accounts in accordance with generally accepted accounting practices.

(Adopted effective July 29, 2008)