Delaware Administrative Code
Title 6 - Attorney General's Office
Fraud and Consumer Protection Division
100 - Consumer Protection Unit
102 - Debt Management Services
Section 102-11.0 - Trust Account
Current through Register Vol. 28, No. 3, September 1, 2024
11.1 All money provided to a licensee pursuant to a plan for distribution to creditors shall be deposited in a trust account within two (2) business days after receipt and distributed to creditors within eight (8) days.
11.2 The licensee shall maintain separate records for each individual.
11.3 Each trust account shall be reconciled at least once each month. The balance must at all time equal the sum of the balances of each individual's account.
11.4 If the agreement is terminated or the plan fails, the licensee shall return the funds remaining in the trust account, less fees permitted under the Act, to the individual client.
11.5 A licensee shall notify the Director of the Consumer Protection Unit of the Attorney General's Office before a trust account is moved and shall provide the name, address, and telephone number of the new bank along with the new account number.
11.6 A provider may not co-mingle funds of others with those being held in trust for participants of debt management plans. Interest payable on the account must be credited to the individual depositors and not to the provider except that such interest may be used to pay the fees of the financial institution related to the trust account.
11.7 A licensee shall comply with all provisions related to the trust account required by 6 Del.C. § 2422A.
