RCW 19.16.240
Licensee—Trust fund account—Exception.
Each licensee, other than an out-of-state collection agency, shall at all times maintain a separate bank account in this state in which all moneys collected by the licensee shall be deposited except that negotiable instruments received may be forwarded directly to a customer. Moneys received must be deposited within ten days after posting to the book of accounts. In no event shall moneys received be disposed of in any manner other than to deposit such moneys in said account or as provided in this section.
The bank account shall bear some title sufficient to distinguish it from the licensee's personal or general checking account, such as "Customer's Trust Fund Account". There shall be sufficient funds in said trust account at all times to pay all moneys due or owing to all customers and no disbursements shall be made from such account except to customers or to remit moneys collected from debtors on assigned claims and due licensee's attorney or to refund over payments except that a licensee may periodically withdraw therefrom such moneys as may accrue to licensee.
Any money in such trust account belonging to a licensee may be withdrawn for the purpose of transferring the same into the possession of licensee or into a personal or general account of licensee.
[ 1994 c 195 § 7; 1971 ex.s. c 253 § 15.]
Structure Revised Code of Washington
Title 19 - Business Regulations—Miscellaneous
Chapter 19.16 - Collection Agencies.
19.16.120 - Unprofessional conduct—Support order, noncompliance.
19.16.130 - License—Application—Form—Contents.
19.16.140 - License—Application—Fees—Exemptions.
19.16.150 - Branch office certificate required.
19.16.160 - License and branch office certificate—Form—Contents—Display.
19.16.170 - Procedure upon change of name or business location.
19.16.180 - Assignability of license or branch office certificate.
19.16.190 - Surety bond requirements—Cash deposit or securities—Exception.
19.16.200 - Action on bond, cash deposit or securities.
19.16.210 - Accounting and payments by licensee to customer.
19.16.220 - Accounting and payments by customer to licensee.
19.16.230 - Licensee—Business office—Records to be kept.
19.16.240 - Licensee—Trust fund account—Exception.
19.16.245 - Financial statement.
19.16.250 - Prohibited practices.
19.16.260 - Licensing prerequisite to suit—Debt buyer—Prohibited acts.
19.16.270 - Presumption of validity of assignment.
19.16.280 - Board created—Composition of board—Qualification of members.
19.16.290 - Board—Initial members—Terms—Oath—Removal.
19.16.300 - Board meetings—Quorum—Effect of vacancy.
19.16.310 - Board—Compensation—Reimbursement of travel expenses.
19.16.320 - Board—Territorial scope of operations.
19.16.330 - Board—Immunity from suit.
19.16.351 - Additional powers and duties of board.
19.16.390 - Personal service of process outside state.
19.16.410 - Rules, orders, decisions, etc.
19.16.420 - Copy of this chapter, rules and regulations available to licensee.
19.16.430 - Violations—Operating agency without a license—Penalty—Return of fees or compensation.
19.16.450 - Violation of RCW 19.16.250 or 19.16.260—Additional penalty.
19.16.460 - Violations may be enjoined.
19.16.470 - Violations—Assurance of discontinuance—Effect.
19.16.480 - Violation of injunction—Civil penalty.
19.16.500 - Public bodies may retain collection agencies to collect public debts—Fees.
19.16.510 - Uniform regulation of business and professions act.
19.16.900 - Provisions cumulative—Violation of RCW 19.16.250 deemed civil.
19.16.930 - Effective date—1971 ex.s. c 253.
19.16.960 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.