Wis. Admin. Code Department of Financial Institutions DFI-Bkg 73.05

Current through November 25, 2024

Section DFI-Bkg 73.05 - Office records and procedures

Office records shall be kept in the individual offices and shall include the following:

(1) Debtor ledger sheet or card on which at least the following data will be included:

(a) Name, address and account number of debtor.

(b) Name, address and account number of each creditor. (Each account to be numbered consecutively.)

(c) Total amount of accounts to be prorated as indicated by debtor.

(d) Reduction in amount of account as result of compromise or discount effected by licensee.

(e) Increase or decrease in amount of account as a result of verification with creditor.

(f) Corrected balance of amount due creditor after adjustment resulting from pars. (d) and (e).

(g) Amount and date each payment is received from the debtor.

(h) Actual fee taken from each payment made by the debtor.

(i) Actual fee earned from each payment made by the debtor but not received.

(j) Current balance due each creditor.

(2) A daily cash journal and disbursements journal shall be maintained showing the receipt of all debtor payments as well as the disbursement of these payments.

(3) Accounting records must be kept which show daily debtor payments received, disbursements to creditors, fees or discounts collected, advances, and money held back in escrow.

(4) Licensee's trust and operating bank accounts for creditor disbursements should be reconciled monthly with the canceled check together with voided or unused checks filed in numerical order after the monthly statement has been reconciled. The numerically numbered check stubs corresponding with all trust account and operating account checks shall be maintained in the office of licensee. All accounts shall be made available for reviewing in the office of administrator of the division of banking.

(5) It is not intended that the information required to be furnished in sub. (1) be retained in the same chronological order. The records of licensees may vary in the event that data processing procedures are adopted which will prevent the licensee from maintaining certain records required above. The office of administrator of the division of banking may approve of the records to be maintained as long as adequate information is available for examination purposes.

Wis. Admin. Code Department of Financial Institutions DFI-Bkg 73.05

CR Register, August, 1969, No. 164, eff. 9-1-69; correction in (1) (f) and (5) made under s. 13.93(2m) (b) 4, Stats., Register, December, 1991, No. 432.