Section 12-917 - Trust account.
§ 12-917. Trust account.
(a) In general.- Within 2 business days after receipt, a licensee shall deposit, in a trust account established for the benefit of consumers, any funds paid to the licensee by or on behalf of a consumer for disbursement to the consumer's creditors.
(b) Requirements.- A licensee shall:
(1) Maintain separate records of account for each consumer to whom the licensee is providing debt management services;
(2) Disburse any funds paid by or on behalf of a consumer to the consumer's creditors within 8 business days after receipt of the funds; and
(3) (i) Correct any misdirected payments resulting from an error by the licensee; and
(ii) Reimburse the consumer for any actual fees or other charges imposed by a creditor as a result of the misdirection.
(c) Commingling prohibited.- A licensee may not commingle any trust account established for the benefit of consumers with any operating accounts of the licensee.
[2003, chs. 374, 375.]