Section DFI-Bkg 73.03 - Business procedure(1) OFFICE REQUIREMENTS. (a)Shared office space. The office of an adjustment service company shall not be shared or have a common waiting room with a practicing attorney, collection agency, justice of the peace, loan or finance company. Before any other business is conducted in the same office with the licensee, prior approval must be granted by the office of administrator of the division of banking. The office shall not be located in a private residence unless the adjustment service office is used solely for business purposes, has an outside entrance and can be isolated from the remainder of the residence. If other approved business is conducted in the same office, the accounting records of such other business shall be kept separate from the account records of the adjustment service company.(b)Office hours. Every licensee shall maintain regular office hours on designated business days from Monday through Friday and must be open for business at least 4 hours each designated business day. Whenever an office is not open for business at least 6 hours a day, or if the licensee maintains irregular office hours, a written notice must be filed with the office of the administrator of the division of banking setting forth the schedule of minimum office hours.(2) FORMS TO BE APPROVED. All agreements, contracts, form letters or any other form whatsoever to be used by licensee in conducting its business shall be submitted in duplicate to the administrator of the division of banking for approval, and no such form or agreement shall be used until approved. A folder containing the file copy of all approved forms including the approved schedule of irregular office hours, if any, must be maintained in the licensed office in the order in which the forms were approved.(3) TRUST FUND. A licensee shall not commingle payments received from debtors with the licensee's own property or funds, but shall maintain a separate account in an approved bank in which all payments received from debtors for the benefit of creditors shall promptly be deposited after receipt thereof and in which all payments shall remain until disbursements are made in his or her behalf or returned to him or her. Said trust account shall be used only for this purpose.(4) REMITTANCES. Remittances shall be made to the creditors within 15 days after receipt of funds from debtor unless debtor requests in writing that funds be held in escrow for specific purposes for a period of not to exceed 180 days.(5) RECEIPT REQUIREMENTS. Whenever a payment is received from a debtor or other person, a receipt showing the date said payment was received shall be prepared and a duplicate copy shall be available at all times in the office of the licensee. All receipts must be prepared at least in duplicate, be prenumbered by the printer and filed in consecutive numerical order and shall show the name and account number of the debtor, the name and address of the licensee, the date and amount paid, and the name or initials of the person accepting the payment.(6) REPORT TO DEBTOR. Every licensee shall on written request from the debtor but not more than once every 4 months furnish said debtor with a report showing the amount paid to each creditor, the balance due on each account as shown on the office record, the amount of fees paid to the licensee, the total amount paid to the licensee by the debtor including fees, advances if any to the debtor and money held in escrow.(7) REPORT OF BUSINESS CONDUCTED. Every licensee shall, on September 15 of each year submit a report as of July 1 to the administrator of the division of banking containing such information as the administrator of the division of banking may require.Wis. Admin. Code Department of Financial Institutions § DFI-Bkg 73.03
CR Register, August, 1969, No. 164, eff. 9-1-69; am. (1) (b) and (4), Register, December, 1991, No. 432, eff. 1-1-92; corrections in (3) and (4) made under s. 13.93(2m) (b) 5, Stats., Register, December, 1991, No. 432; CR 03-043: r. (8) Register August 2003 No. 572, eff. 9-1-03.