North Dakota Code 13-07-04 – Consumer credit counseling service – Trust accounts
Current as of: 2023 | Check for updates
|
Other versions
A consumer credit counseling service shall deposit in a trust account in a financial institution, within one business day of receipt, any payments received from or on behalf of a debtor. A debtor’s payments must be identifiable in the trust account. Funds in the trust account may not be commingled with any other funds. The consumer credit counseling service shall credit any interest accrued as a result of payments deposited in a trust account to debt management education programs.
Terms Used In North Dakota Code 13-07-04
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC