Annual reports to Commissioner.
1. Each licensed collection agency shall file with the Commissioner a written report, signed and sworn to by its manager, no later than January 31 of each year, unless the Commissioner determines that there is good cause for later filing of the report. The report must include:
(a) The total sum of money due to all creditors as of the close of the last business day of the preceding month.
(b) The total sum on deposit in customer trust fund accounts and available for immediate distribution as of the close of the last business day of the preceding month, the title of the trust account or accounts, and the name of the banks or credit unions where the money is deposited.
(c) The total amount of creditors’ or forwarders’ share of money collected more than 60 days before the last business day of the preceding month and not remitted by that date.
(d) When the total sum under paragraph (c) exceeds $10, the name of each creditor or forwarder and the respective share of each in that sum.
(e) Such other information, audit or reports as the Commissioner may require.
2. The filing of any report required by this section which is known by the collection agency to contain false information or statements constitutes grounds for the suspension of the agency’s license or the manager’s certificate, or both.
Last modified: February 27, 2006