Retention and examinations of records and accounts.
1. Every collection agency shall keep all records concerning each of its accounts for at least 6 years following the completion of the last transaction concerning the account.
2. The Commissioner shall conduct an examination of the trust accounts and the records relating to debtors and customers of each collection agency licensed pursuant to this chapter at least once each year.
3. If there is evidence that a collection agency is not complying with the provisions of this chapter, the Commissioner may conduct an additional examination to determine whether a violation has occurred.
4. During the first year a collection agency is licensed, the Commissioner may conduct as many examinations as he deems necessary to ensure compliance with the provisions of this chapter.
Last modified: February 27, 2006