Or. Admin. Code § 441-910-0200

Current through Register Vol. 63, No. 12, December 1, 2024

Section 441-910-0200 - Records Retained by Registrants

(1) In addition to any records required to be kept and maintained under applicable law, a debt management service provider shall retain records on consumers that paid fees and signed a contract for debt management services. Documents that a debt management services must keep under this rule include, but is not limited to, the following:

(a) Copies of disclosure documents signed by the consumer prior to entering into a contract for debt management services.

(b) Copies of all written agreements for debt management services with a consumer.

(c) Copies of written authorizations by a consumer to withdraw fees for debt management services.

(d) Copies of contract cancellation notices by either a consumer or the debt management service provider.

(e) Copies of budget analyses performed for a consumer and kept in the consumer's file.

(f) Copies of all correspondence or notes of conversations between the debt management service provider and a consumer's creditor.

(g) Copies of all correspondence between the debt management service provider and the consumer.

(2) In addition to any records required to be kept and maintained under applicable law, a debt management service provider shall retain general records related to their debt management services. Documents that a debt management services must keep under this rule include, but is not limited to, the following:

(a) Copies of the debt management service provider fee schedule for debt management services.

(b) A accounting ledger separately showing each consumer trust account, including entries for debits, credits and any interest in excess of banking fees to maintain the trust account.

(c) An account ledger separately recording the receipt of all funds the debt management service provider agrees to remit to the creditors of a consumer.

(d) An account ledger separately recording the disbursement of all funds the debt management service provider agrees to remit to the creditors of a consumer.

(e) The original surety bond that the debt management service provider certifies as correct and true under OAR 441-910-0010.

(f) Copies of all advertisements for debt management services.

(g) Copies of all consumer complaints and notes, correspondence and memoranda generated as a result of the consumer complaint.

(3) A debt management service provider shall maintain records in written form or in a format that can be easily reduced to written form.

(4) A debt management service provider shall maintain records for a period of three years after the last entry is made into the record. After the three year period, a debt management service provider may dispose of the records in accordance with applicable law.

Or. Admin. Code § 441-910-0200

FCS 13-2009, f. 12-18-09, cert. ef. 1-1-10

Stat. Auth.: 2009 OL Ch 604, § 21

Stats. Implemented: ORS 697.672, 697.682