Delaware Code Title 6 Sec. 2427A – Periodic reports and retention of records
(a) A provider shall provide the accounting required by subsection (b) of this section:
(1) Upon cancellation or termination of an agreement; and
(2) Before cancellation or termination of any agreement:
(A) At least once each month; and
(B) Within 5 business days after a request by an individual, but the provider need not comply with more than 1 request in any calendar month.
Terms Used In Delaware Code Title 6 Sec. 2427A
- Month: means a calendar month, unless otherwise expressed. See Delaware Code Title 1 Sec. 302
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) A provider, in a record, shall provide each individual for whom it has established a plan an accounting of the following information:
(1) The amount of money received from the individual since the last report;
(2) The amounts and dates of disbursement made on the individual’s behalf, or by the individual upon the direction of the provider, since the last report to each creditor listed in the plan;
(3) The amounts deducted from the amount received from the individual;
(4) The amount held in reserve; and
(5) If, since the last report, a creditor has agreed to accept as payment in full an amount less than the principal amount of the debt owed by the individual:
(A) The total amount and terms of the settlement;
(B) The amount of the debt when the individual assented to the plan;
(C) The amount of the debt when the creditor agreed to the settlement; and
(D) The calculation of a settlement fee.
(c) A provider shall maintain records for each individual for whom it provides debt-management services for a minimum of 5 years after the final payment made by the individual and produce a copy of them to the individual within a reasonable time after a request for them.
(d) (1) Every provider shall maintain such books, accounts and records relating to all transactions within this chapter as will enable the Attorney General to enforce full compliance with this chapter;
(2) All books, accounts and records of the provider shall be preserved and kept available as provided in this chapter or for such longer period of time as the Attorney General may by regulation require; and
(3) The Attorney General may prescribe the minimum information to be shown in such books, accounts and records of the provider so that such records will enable the Attorney General to determine compliance with this chapter.
(e) The provider may use electronic or other means of storage of all books, accounts and records that it is required to maintain.