(1) A debt consolidating agency improperly handles funds when the debt consolidating agency does not comply with the following requirements:
(a) The debt consolidating agency shall keep either a separate trust account for each client or a single account for all clients. If a single account is kept for all clients, the debt consolidating agency shall keep a separate ledger or other record on receipts and disbursements for each client. The debt consolidating agency shall maintain the trust account or accounts in this state.
(b) The debt consolidating agency shall deposit in the trust account all wages, salaries, income, credits or property received from the client and all proceeds received from property of the client.
(c) The debt consolidating agency shall make all disbursements to the client or on behalf of the client, including any fees charged by the debt consolidating agency, from the client’s trust account.
(d) Upon request of a client, a debt consolidating agency shall provide to the client without charge a statement of the money or property received from or on behalf of the client and the disbursements made by the debt consolidating agency under the debt consolidating agreement or contract for the period of time requested.
(2) A debt consolidating agency that improperly handles funds under this section is subject to ORS 697.752, 697.762, 697.832 and 697.990 (3). [1983 c.17 §10]Section: Previous 697.660 697.662 697.665 697.670 697.672 697.675 697.680 697.682 697.685 697.690 697.692 697.695 697.700 697.702 697.705 Next
Last modified: August 7, 2008