Section 62-20-114 - Requirements of collection service licensees

Each collection service licensee shall:(1) Keep and retain for a period of three (3) years accurate individual records of collections, including the amount and date of payment and the names of the debtor and creditor;(2) Issue, upon request, individual collection receipts, showing the amount and date of payment, names of the debtor and creditor and the balance, if any, remaining unpaid;(3) Maintain a separate fiduciary or trust bank account with sufficient funds at all times to disburse amounts due all clients; and(4) Maintain records and books reflecting the true condition of bank accounts at the end of each calendar month.Acts 1981, ch. 170, § 14; 1988, ch. 823, § 26.