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- Alaska Statutes.
- Title 8. Business and Professions
- Chapter 24. Collection Agencies
- Section 280. Records and Funds.
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AS 08.24.280. Records and Funds.
- (a) A collection agency shall keep a record of all sums collected by it, and of all disbursements made by it, and shall
maintain and keep all the records and all customers' funds in a trust account with a recognized financial institution
in this state. Collection agencies shall maintain accounting records of collections for and payments to customers for
a period of six years from the date of the last entry. Collection agencies shall keep other records for a period of two
years from the date of the last entry.
- (b) Every collection agency shall maintain a permanent numerical receipt record that indicates as to each payment made by
a debtor the following information:
- (1) the name of the debtor making payment;
- (2) the amount paid;
- (3) the name of the creditor to whom funds are being applied;
- (4) the date and form of payment;
- (5) the balance remaining due on account.
- (c) An agency using a computer system giving read-out debtor payment information is not required to maintain a numerical
receipt record; however, if requested, a receipt shall be furnished to debtor.
- (d) The receipt shall be made immediately upon the receipt of funds by the collection agency in payment of a debt; the
original copy to be made immediately available to the debtor who has made payment, upon request; and a copy to be made
immediately available to the creditor for whom payment was received, upon request; and a copy to be maintained in the
permanent receipt record.
- (e) A collection agency shall maintain daily cash ledger sheets showing all funds received from debtors and all funds
received as fees for services, such as credit reports and the like.
- (f) A collection agency or employee of a collection agency may not intentionally make a false entry in the collection
agency record or intentionally mutilate, destroy, or otherwise dispose of a record within the time limits provided in
this section. The records shall at all reasonable times be open for inspection by the department.
- (g) A collection agency shall maintain a separate trust account exclusively for customers' funds and shall keep the funds
in the trust account until disbursed to the customer.
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