{"data":{"id":"us-ak/as-08.24.280","jurisdiction":"us-ak","citation":"AS 08.24.280","heading":"Records and funds.","body":"(a) A collection agency shall keep a record of all sums collected by it, and of all disbursements made by it, and shall maintain and keep all the records and all customers' funds in a trust account with a recognized financial institution in this state. Collection agencies shall maintain accounting records of collections for and payments to customers for a period of six years from the date of the last entry. Collection agencies shall keep other records for a period of two years from the date of the last entry.\n(b) Every collection agency shall maintain a permanent numerical receipt record that indicates as to each payment made by a debtor the following information:\n(1) the name of the debtor making payment;\n(2) the amount paid;\n(3) the name of the creditor to whom funds are being applied;\n(4) the date and form of payment;\n(5) the balance remaining due on account.\n(c) An agency using a computer system giving read-out debtor payment information is not required to maintain a numerical receipt record; however, if requested, a receipt shall be furnished to the debtor.\n(d) The receipt shall be made immediately upon the receipt of funds by the collection agency in payment of a debt; the original copy to be made immediately available to the debtor who has made payment, upon request; and a copy to be made immediately available to the creditor for whom payment was received, upon request; and a copy to be maintained in the permanent receipt record.\n(e) A collection agency shall maintain daily cash ledger sheets showing all funds received from debtors and all funds received as fees for services, such as credit reports and the like.\n(f) A collection agency or employee of a collection agency may not intentionally make a false entry in the collection agency record or intentionally mutilate, destroy, or otherwise dispose of a record within the time limits provided in this section. The records shall at all reasonable times be open for inspection by the department.\n(g) A collection agency shall maintain a separate trust account exclusively for customers' funds and shall keep the funds in the trust account until disbursed to the customer.","path":["Title 8. Business and Professions.","Chapter 24. Collection Agencies."],"source_url":"https://www.akleg.gov/basis/statutes.asp#08.24.280","current_through":"Alaska Statutes 2025 (34th Legislature, 2025-2026)","vintage":"","retrieved_at":"2026-09-02T06:16:30Z","sha256":"854c564874746bae3d4d6766f3d247cf96cd9fc6e3b3deca4fc3d888bfedaa34","source_id":"us-ak","stale":false,"prev":"us-ak/as-08.24.270","next":"us-ak/as-08.24.290"},"notice":"GroundRules: Original legal text. Not legal advice."}