Maine Statutes
§ 32 §6175 — Handling of consumer funds
1.Funds deposited in trust account.
The debt management service provider shall deposit, within 2 business days of receipt, all funds received from or on behalf of a consumer for payment to a creditor or creditors in a federally insured trust account for the benefit of the consumer in a supervised financial organization. Any trust account established to receive consumer funds is free from trustee process and unavailable to creditors of the debt management service provider.
2.Requirements for handling of funds.
The debt management service provider shall:
3.Commingling of funds.
The debt management service provider may not commingle trust accounts established for the benefit of consumers with any operating accounts of the debt management service provider.
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Legislative History
PL 1999, c. 560, §3 (NEW).
Nearby Sections
15
§ 32 §61
Requirement for license§ 32 §6100
Report of condition§ 32 §6100-A
Audited financials§ 32 §6100-AA
Consent agreements§ 32 §6100-B
Authorized delegate reporting§ 32 §6100-BB
Criminal penalties§ 32 §6100-C
Reports of certain events§ 32 §6100-CC
Civil penalties§ 32 §6100-D
Bank Secrecy Act reports§ 32 §6100-DD
Unlicensed persons§ 32 §6100-E
Records§ 32 §6100-HH
Uniformity of application and construction§ 32 §6100-I
Unauthorized activities