13-42-127 - Periodic reports and retention of records. - Utah Statutes

13-42-127. Periodic reports and retention of records.
(1) A provider shall provide the accounting required by Subsection (2):
(a) upon cancellation or termination of an agreement; and
(b) before cancellation or termination of any agreement:
(i) at least once each month; and
(ii) within five business days after a request by an individual, but the provider need notcomply with more than one request in any calendar month.
(2) A provider, in a record, shall provide each individual for whom it has established aplan an accounting of the following information:
(a) the amount of money received from the individual since the last report;
(b) the amounts and dates of disbursement made on the individual's behalf, or by theindividual upon the direction of the provider, since the last report to each creditor listed in theplan;
(c) the amounts deducted from the amount received from the individual;
(d) the amount held in reserve; and
(e) if, since the last report, a creditor has agreed to accept as payment in full an amountless than the principal amount of the debt owed by the individual:
(i) the total amount and terms of the settlement;
(ii) the amount of the debt when the individual assented to the plan;
(iii) the amount of the debt when the creditor agreed to the settlement; and
(iv) the calculation of a settlement fee.
(3) A provider shall maintain records for each individual for whom it providesdebt-management services for five years after the final payment made by the individual andproduce a copy of them to the individual within a reasonable time after a request for them. Theprovider may use electronic or other means of storage of the records.

Enacted by Chapter 154, 2006 General Session