§ 58-70-25. Record of business in State.
§58‑70‑25. Record of business in State.
(a) Each person, firm,or corporation licensed as a collection agency in North Carolina shall keep afull and correct record of all business done in this State as set forth below. All such records pertaining to collection activity, concerning debtor recordsand client accounting records, but not general operating records, shall be opento inspection by the Commissioner of Insurance or his duly authorized deputyupon demand.
(b) Every permit holdershall maintain adequate records which shall contain the items listed below. These records must be kept separate from records of any other business and mustbe maintained for not less than three years after the final entry has beenmade:
(1) A daily collectionrecord or cash receipt journal in which all collections are recorded andallocated as to total collections, setting forth:
a. The amount creditedto principal and to interest, if any;
b. The amount duecreditors or forwarders.
(2) The amount retainedas commission or commission paid to forwardees.
(3) Payments madedirectly to creditors as reported to the collection agency by those creditorsand commissions due the collection agency on those payments.
(4) A record of eachdebtor's account shall be maintained consisting of the following:
a. The name and addressof the debtor;
b. The name of thecreditor or forwarder or forwardee if the account has been forwarded;
c. The principal amountowing and, if available, the date of the last credit or debit;
d. The amount and dateof each payment made by the debtor; and
e. The date and time ofeach telephone or personal contact with the debtor.
(5) A masteralphabetical record by name and address of every creditor or forwarder withwhom the permit holder engages in the business of collecting accounts.
(6) A check register orcarbon copies of each check issued or numerically numbered check stubscorresponding with all checks issued on the trust account for funds collectedon behalf of creditors. Cancelled checks, together with voided or unused checks(adequately explained) drawn on the trust account shall be maintained innumerical order with the monthly bank statements.
(7) A record by clientor client number showing the number of accounts received from the client, thedate received and the principal amount of the accounts.
(8) A duplicate copy ofeach remittance statement furnished a creditor or forwarder, or other listingof the information contained on the statement. (1959, c. 1194, s. 3; 1979,c. 835; 1989, c. 441, s. 6.)