Terms Used In Kansas Statutes 50-1123

  • Consumer: means an individual who is a resident of this state. See Kansas Statutes 50-1117
  • Trust account: means an account established by the applicant or licensee in a federally insured financial institution used to hold funds paid by consumers to a credit services organization for designation indicating the funds in the account are:

    (1) Not funds of the applicant or licensee or its owners, officers or employees; and

    (2) unavailable to creditors of the applicant or licensee. See Kansas Statutes 50-1117

A licensee shall provide a report at least once every three months to each consumer who has entered into a debt management services agreement with the licensee. The report shall include the:

(a) Total amount received from the consumer to date;

(b) total amount paid to each creditor to date;

(c) total payoff amount or an estimated balance due to each creditor on any debt owed by the consumer;

(d) fees paid to the licensee by the consumer; and

(e) amount held in the trust account on behalf of the consumer, or statement that no amount is currently held.