Maintenance of separate trust accounts; maintenance and preservation of records. Each licensee shall:
1. Open and maintain a separate trust account in a state or national bank or credit union doing business in this state. All money received from debtors for the benefit of creditors must be deposited in, and all payments to creditors must be disbursed from, this account.
2. Keep and use such books and accounting records as are in accord with sound and accepted accounting practices.
3. Maintain a separate record or ledger card for the account of each debtor, showing the amount of money received from and disbursed on behalf of each debtor.
4. Maintain a separate record, in a form approved by the Commissioner, or ledger card for each creditor, identifying the particular debtor-source of money and showing the amount of money disbursed in accordance with the appropriate debt-adjustment contract.
5. Preserve all books and accounting records for at least 7 years after making the final entry therein.
Last modified: February 26, 2006