§ 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.

HISTORY: 2003, chs. 374, 375.