N.J. Admin. Code § 3:25-2.6

Current through Register Vol. 56, No. 21, November 4, 2024

Section 3:25-2.6 - Duties of debt adjusters

(a) Every licensee acting as a debt adjuster shall:

1. Disburse to the appropriate creditors all funds received from a debtor, less any fees permitted by 3:25-1.2, within 10 days of receipt of those funds;

2. Maintain a separate trust account in a qualified bank as defined in 17:9A-1, in the name of the debt adjuster for the benefit of the debtors serviced by the debt adjuster; and

3. Maintain an appropriate ledger book for the trust account required by (a)2 above, having at least one single page for each debtor, with appropriate entries of all deposits into and disbursements from each debtor's account, including copies of all records showing disbursements to creditors and receipts from debtors, which ledger book and records shall be maintained in accordance with generally accepted accounting principles for not less than six years following the close of each debtor's account.

N.J. Admin. Code § 3:25-2.6

Recodified as N.J.A.C. 3:25-2.5 by R.2006 d.235, effective 6/19/2006.
See: 38 N.J.R. 10(a), 38 N.J.R. 2674(a).
Section was "Annual audit requirement".
New Rule, R.2008 d.203, effective 7/21/2008.
See: 40 N.J.R. 837(a), 40 N.J.R. 4311(a).