47-18-5527 - Periodic reports and retention of records. [Effective July 1, 2010.]
47-18-5527. Periodic reports and retention of records. [Effective July 1, 2010.]
(a) A provider shall provide the accounting required by subsection (b):
(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 an individual, but the provider need not comply with more than one (1) request in any calendar month.
(b) A provider, in a record, shall provide each individual for whom it has established a plan an accounting of the following information:
(1) The amount of money received from the individual since the last report;
(2) The amounts and dates of disbursements made on the individual'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 the individual;
(4) The amount held in reserve; and
(5) If, since the last report, a creditor has agreed to accept as payment in full an amount less than the principal amount of the debt owed by the individual:
(A) The total amount and terms of the settlement;
(B) The amount of the debt when the individual assented to the plan;
(C) The amount of the debt when the creditor agreed to the settlement; and
(D) The calculation of a settlement fee.
(c) A provider shall maintain records for each individual for whom it provides debt-management services for five (5) years after the final payment made by the individual and produce a copy of them to the individual within a reasonable time after a request for them. The provider may use electronic or other means of storage of the records.
[Acts 2009, ch. 469, § 1.]