Ill. Admin. Code tit. 38, § 150.120 - Creditor Accounts
a) Each
licensed collection agency office which collects funds for creditors shall
maintain a current accounting system which shall show the monies due and owing
to creditors as well as the funds in the trust account from which appropriate
remittance may be made by the collection agency to creditors.
b) Accounts and records of each agency shall
include:
1) A cash receipts journal, showing
each payment made, the allocation of the payment and the monthly
total.
2) A check register or
record showing each check written on the trust account, as defined in Section
8c of the Act.
3) A general journal
reflecting all adjustments to the check register and cash receipts
records.
4) A general ledger or
record to which all payments handled by a collection agency are
recorded.
5) A creditor's record
setting forth the details of the contractual arrangement in writing, of the
collection agency with each creditor, and shall reflect full details of all
collections made on behalf of the creditor, whether paid to the collection
agency or directly to creditor, and full details on remittance made by the
collection agency to the creditor.
c) The trust account shall be reconciled each
month.
d) All accounts and records
of each account referred to in this Section shall be kept for a period of four
years after the account is closed.
e) A collection agency may employ an
accounting system based on sound accounting principles which utilizes
electronic data processing equipment and that includes the information set
forth in Section 150.110(b).
Notes
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