Washington § 18.28.150 - Trust account for payments by debtor — Disbursements.

Full text of Washington Revised Code of Washington § 18.28.150 — Trust account for payments by debtor — Disbursements., with citation guidance and answers to common questions.

§ 18.28.150. Trust account for payments by debtor — Disbursements.

(1) Any payment received by a debt adjuster from or on behalf of a debtor shall be held in trust by the debt adjuster from the moment it is received. The debt adjuster shall not commingle such payment with the debt adjuster's own property or funds, but shall maintain a separate trust account and deposit in such account all such payments received. All disbursements whether to the debtor or to the creditors of the debtor, or to the debt adjuster, shall be made from such account.
(2) In the event that the debtor cancels or defaults on the contract between the debtor and the debt adjuster, the debt adjuster shall close out the debtor's trust account in the following manner:
(a) The debt adjuster may take from the account that amount necessary to satisfy any fees, other than any cancellation or default fee, authorized by this chapter.
(b) After deducting the fees provided in subsection (2)(a) of this section, the debt adjuster shall distribute the remaining amount in the account to the creditors of the debtor. The distribution shall be made within five days of the demand therefor by the debtor, but if the debtor fails to make the demand, then the debt adjuster shall make the distribution within thirty days of the date of cancellation or default.
[ 1999 c 151 s 109; 1979 c 156 s 8; 1967 c 201 s 15.]

Notes

Part headings not law—Effective date—1999 c 151: See notes following RCW 18.28.010.
Effective date—Severability—1979 c 156: See notes following RCW 18.28.010.

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 18.28.150

What does Revised Code of Washington § 18.28.150 cover?

Section 18.28.150 ("Trust account for payments by debtor — Disbursements.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 18.28.150?

A common citation format is "Revised Code of Washington § 18.28.150" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 18.28.150 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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