New Jersey Administrative Code
Title 3 - BANKING
Chapter 25 - DEBT ADJUSTMENT AND CREDIT COUNSELING
Subchapter 2 - LICENSING OR REGISTRATION REQUIREMENTS, BONDING, AUDITS AND DUTIES OF A DEBT ADJUSTER
Section 3:25-2.6 - Duties of debt adjusters

1. Disburse to the appropriate creditors all funds received from a debtor, less any fees permitted by 3:25-1.2, within 10 days of receipt of those funds;

2. Maintain a separate trust account in a qualified bank as defined in 17:9A-1, in the name of the debt adjuster for the benefit of the debtors serviced by the debt adjuster; and

3. Maintain an appropriate ledger book for the trust account required by (a)2 above, having at least one single page for each debtor, with appropriate entries of all deposits into and disbursements from each debtor's account, including copies of all records showing disbursements to creditors and receipts from debtors, which ledger book and records shall be maintained in accordance with generally accepted accounting principles for not less than six years following the close of each debtor's account.