§ 58-70-65. Remittance trust account. - North Carolina Statutes

§ 58‑70‑65. Remittance trust account.

(a)        Each permit holdershall deposit, no later than two banking days after receipt, in a separatetrust account in any bank located in North Carolina or in any other bankapproved by the Commissioner, sufficient funds to pay all moneys due or owed toall collection creditors or forwarders. The funds shall remain in the trustaccount until remitted to the creditor or forwarder, and shall not becommingled with any other operating funds. The trust account shall be used onlyfor the purpose of:

(1)        Remitting tocollection creditors or forwarders the proceeds to which they are entitled.

(2)        Remitting to thecollection agency the commission that is due the collection agency.

(3)        Reimbursingconsumers for overpayments.

(4)        Making adjustmentsto the trust account balance for bank service charges.

(b)        No refund foroverpayment by a debtor in an amount of less than one dollar ($1.00) isrequired.

(c)        Each permit holderlocated outside this State shall deposit in a separate trust account,designated for its North Carolina creditors, funds to pay all monies due orowing all collection creditors or forwarders located within this State. In thecase of alien corporations that are permit holders, the trust account must beestablished with a bank located in the United States or in any bank approved bythe Commissioner. (1979,c. 835; 1989, c. 441, s. 10; c. 770, s. 52; 1991, c. 644, s. 23; 1993 (Reg.Sess., 1994), c. 678, s. 31; 2006‑134, s. 3.)