Wyo. Code R. 031-0001-3
General Agency, Board or Commission Rules
Chapter 3: Operation
Effective Date: 06/26/2000 to Current
Rule Type: Current Rules & Regulations
Reference Number: 031.0001.3.06262000
Section 1. Remittances. All licensees shall account and remit to their clients for all money collected within thirty (30) days from the last day of the month in which the same is collected, and said accounting shall be in the form of a statement which shall show date and amount of each payment collected. If accounts are forwarded from another agency and more than one (1) account has been forwarded against the same debtor, the statement shall show to which account the payment was credited. The statement shall be in such a form as may be retained by the client or forwarder, and shall not be on or as part of a check to be cashed.
Section 2. Accounting to Consumers. At the consumer's written or verbal request, licensees shall furnish to the consumer a complete written accounting of matters pertaining to him. Such an accounting should itemize his debts turned over for collection and, in each instance, the name of the creditor, amount claimed to be owed, added charges if any, date and payment received and the amount still owing. Such requests from any one consumer should be reasonable in number, and in no instance will be required more often than payments are made.
Section 3. Litigation and Fees. No licensee shall collect or sue, either as an assignee or as agent for any creditor, for more than the actual amount due or claimed to be due on any claim or claims, plus legal interest and court costs; provided, when suit is brought upon a note or notes providing for an attorney fee, such attorney fee may be added if the licensee is represented by a duly licensed attorney, in which case the attorney fee shall be paid to such attorney and no part thereof shall be retained by the licensee.
(a) In returning claims, licensees shall return all valuable papers deposited with such claims.
(b) Claims which are canceled according to the agreement with the client or the policy statement of the collection agency will be returned to the client and no further attempts to collect will be made.
Section 5. Change of Manager. Notice must be given to the Board within ten (10) days of any change in resident manager. The licensee shall have ninety (90) days within which to replace the resident manager. Additional time for replacement may be granted by the Board upon good cause shown therefore.
Section 6. Change of Office Address. Every licensee shall immediately notify the Board in writing of any change in address.
Section 7. Termination of Business. If any licensee should cease doing business as a collection agency, the licensee:
(a) Shall give written notification to the Collection Agency Board.
(b) Shall send a written notification to each creditor-client who has an account with the licensee that the licensee will cease doing business. Such notification shall be sent at least thirty (30) days prior to cessation of business and shall include the following information:
(i) Name of the terminating or transferring agency.
(ii) The date upon which the licensee will cease doing business.
(iii) The name, address and telephone number of a person from the terminating or transferring agency whom the creditor-client may contact after business has been terminated.
(iv) A statement listing and accounting for all accounts to be returned or transferred by the agency, indicating, but not limited to account balance and present payment status.
(c) Upon cessation of business, the license issued by the Board under the Collection Agency Act will be surrendered to the Board.
(a) Upon the sale of the business, a licensee shall not transfer or sell any of its accounts to another licensee until the notices required by Section 7. (b) of this Chapter have been made.
(b) No other licensee shall purchase or take over the accounts, either wholly or in part, of a licensee who is going out of business without receiving evidence that the requirements of Section 7. (b) have been complied with OR without assuming, by agreement, the responsibility of completing the requirements of Section 7. (b) of this Chapter.