Wisconsin Administrative Code
Department of Financial Institutions
DFI-Bkg 1-78 - Department of Financial Institutions-Banking
Chapter DFI-Bkg 74 - Collection agencies
Section DFI-Bkg 74.06 - Trust fund account

Universal Citation: WI Admin Code ยง DFI-Bkg 74.06
Current through February 26, 2024

Each licensee shall deposit in a trust fund account in any approved financial institution promptly after collection, sufficient funds to pay all moneys due or owing all creditors or forwarders. The trust fund account shall be used only for this purpose. A licensee may maintain trust funds in an interest bearing savings account or instrument provided it is identified as a "trust account". Sufficient funds shall be maintained in the trust account or trust accounts to pay all moneys due or owing all creditors or forwarders. Sufficient funds shall be maintained in or made available to the trust checking account on which remittance checks or electronic debits are drawn or made to pay all checks and debits when presented. The licensee shall have sufficient documentation from the trust account or trust accounts available to make an adequate examination.

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