17B:27B-21 - Fiduciary responsibility of third party billing services - New Jersey Statutes

17B:27B-21  Fiduciary responsibility of third party billing services.

21.  A third party billing service that accepts monies from health benefits payers on behalf of a client shall be deemed to act in a fiduciary capacity on behalf of the client in the receipt and transmittal of funds and shall have all responsibility attendant to a fiduciary as established by law.  Monies transmitted by benefits payers or on behalf of clients shall be kept in a separate account maintained in the name of the client or jointly in the names of the client and the third party billing service and shall not be commingled with any other funds of the third party billing service or other clients of the third party billing service.

L.2001,c.267,s.21.