13-05-07. Manner in which records and funds to be kept by collection agency.
250 words·~1 min read·
/nd/title-13/chapter-13-05-collection-agencies/13-05-07·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. Every collection agency licensed under this chapter shall keep a record of all sums
collected by it and of all disbursements made by it for a period of six years from the
date of last entry thereon. The records of a licensee may be maintained electronically
provided they can be reproduced upon request of the department of financial
institutions and within the required statutory time period provided in this section.
2. When a licensee ceases operations for any reason, the licensee shall be required to
inform the department of the location of the records required to be maintained in
accordance with section 13-05-07. In addition, the licensee shall provide the name of
the individual responsible for maintenance of the records. The licensee shall notify the
department within ten business days of the change of the location of the records or the
change of the individual responsible for maintenance of the records.
3. No licensee, individual, or person subject to investigation or examination under this
section may intentionally make any false entry in any such collection agency record or
knowingly withhold, abstract, secrete, remove, mutilate, destroy, or otherwise dispose
of any books, records, computer records, or other information within the time limit
provided in this section.
4. No licensee under this chapter may commingle the money of collection agency
customers with other than collection funds and shall maintain a separate bank account
for such customer's funds and shall keep such funds in the bank account until
disbursed to the customer.