Section 13-11-14 - Trust funds - Requirements and restrictions1. All funds received by a debt-settlement provider or the provider's agent from and for the purpose of paying bills, invoices, or accounts of a debtor constitute trust funds owned by and belonging to the debtor from whom the funds were received. All such funds received by the debt-settlement provider must be separated from the funds of the debt-settlement provider not later than the end of the business day following receipt by the debt-settlement provider. All such funds must be kept separate and apart at all times from funds belonging to the debt-settlement provider or any of its officers, employees, or agents and may be used for no purpose other than paying bills, invoices, or accounts of the debtor. On or before the close of the business day following receipt, all such trust funds received at the main or branch offices of a debt-settlement provider must be deposited in a bank in an account in the name of the debt-settlement provider-designated trust account, or by some other appropriate name indicating that the funds are not the funds of the debt-settlement provider or its officers, employees, or agents.2. At least once every month, the debt-settlement provider shall render an accounting to the debtor that itemizes the total amount received from the debtor, the total amount paid each creditor, the amount of charges deducted, and any amount held in reserve, if applicable, and the status of each of the debtor's enrolled accounts. In addition, a debt-settlement provider shall provide such an accounting to a debtor within seven days after written demand, but not more than three times per six-month period.3. This chapter does not require the establishment of a trust account if no consumer funds other than earned settlement fees are held or controlled by a debt-settlement provider.Added by S.L. 2011, ch. 108 (HB 1038),§ 3, eff. 7/1/2011.