§ 19-14.8-27 - Periodic reports and retention of records.
SECTION 19-14.8-27
§ 19-14.8-27 Periodic reports andretention of records. – (a) A provider shall provide the accounting required by subsection (b) of thissection:
(1) Upon cancellation or termination of an agreement; and
(2) Before cancellation or termination of any agreement:
(A) At least once each month; and
(B) Within five (5) business days after a request by anindividual, but the provider need not comply with more than one request in anycalendar month.
(b) A provider, in a record, shall provide each individualfor whom it has established a plan an accounting of the following information:
(1) The amount of money received from the individual sincethe last report;
(2) The amounts and dates of disbursement made on theindividual's behalf, or by the individual upon the direction of the provider,since the last report to each creditor listed in the plan;
(3) The amounts deducted from the amount received from theindividual;
(4) The amount held in reserve; and
(5) If, since the last report, a creditor has agreed toaccept as payment in full an amount less than the principal amount of the debtowed by the individual:
(A) The total amount and terms of the settlement;
(B) The amount of the debt when the individual assented tothe plan;
(C) The amount of the debt when the creditor agreed to thesettlement; and
(D) The calculation of a settlement fee.
(c) A provider shall maintain records for each individual forwhom it provides debt-management services for five (5) years after the finalpayment made by the individual and produce a copy of them to the individualwithin a reasonable time after a request for them. The provider may useelectronic or other means of storage of the records.