Mississippi § 81-22-15 - Reports and records [Repealed effective July 1, 2022].

§ 81-22-15. Reports and records [Repealed effective July 1, 2022].

Written reports to consumers.A debt management service provider shall provide to each consumer receiving debt management services periodic written reports accounting for funds received from the consumer for payment to the consumer’s creditor or creditors whose obligations are listed in the consumer’s agreement with the debt management service provider and disbursements made to each such creditor on the consumer’s behalf since the last report. The debt management service provider shall provide those reports to the consumer not less than once each calendar quarter. Maintenance of records.Any person required to be licensed under this chapter shall maintain in its offices, or such other location as the department permits, the books, accounts and records necessary for the department to determine whether or not the person is complying with the provisions of this chapter and the rules and regulations adopted by the department under this chapter. These books, accounts and records shall be maintained apart and separate from any other business in which the person is involved. A debt management service provider shall maintain books and records for each consumer for whom it provides debt management services for six (6) years following the final transaction with the consumer. Verification of payments to creditors.Licensees that participate in fair share contributions with creditors shall maintain records that reflect client accounts were credited for the full amount of any payments due and not the net amount as a result of a fair share contribution. Such records may consist of either a copy of the client’s statement from the creditor or the licensee may send a monthly or quarterly statement to clients that reflect payments remitted to creditors. Within fifteen (15) days of the occurrence of any of the following events, a licensee shall file a written report with the commissioner describing the event and its expected impact on the activities on the licensee’s business in this state: The filing for bankruptcy or reorganization by the licensee; The institution of revocation or suspension proceedings against the licensee by any state or governmental authority; or Any felony indictment or conviction of the licensee or any of its directors or principal officers.