(a) A collection agency that fails to remit to its client funds collected for the client within the calendar month following the month of collection, shall not be entitled to a collection fee and shall remit the total funds collected to the client.(b) If a collection agency fails to remit funds collected to its client within the calendar month following the month of collection and does not remit the total funds collected for the client to the client within sixty-one (61) days of the date of collection, the State Board of Collection Agencies may: (1) Suspend or revoke the license of the collection agency; and(2) Impose a civil penalty under § 17-24-103.Acts 1981, No. 366, § 1; A.S.A. 1947, § 71-2016; Acts 2009, No. 1455, § 5.
Arkansas Legal Code