Each licensee shall:

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(1) Keep complete and adequate records during the term of the contract and for a period of five years from the date of cancellation or completion of the contract with each debtor, which records shall contain complete information regarding the contract, extensions thereof, payments, disbursements and charges, which records shall be open to inspection by the secretary and his duly appointed agents during normal business hours;

(2) Make remittances to creditors within fifteen days after receipt of any funds, and within seven days if such funds are in the form of cash, less fees and costs, unless the reasonable payment of one or more of the debtor’s obligations requires that such funds be held for a longer period so as to accumulate a sum certain. In no case may the licensee retain funds longer than thirty-five days after receipt from the debtor;

(3) Upon request furnish the debtor a written statement of his account each ninety days, or a verbal accounting at any time the debtor may request it during normal business hours;

(4) Accept no account unless a written and thorough budget analysis indicates that the debtor can reasonably meet the payments required by the budget analysis; and

(5) In the event a compromise of a debt is arranged by the licensee with any one or more creditors, the debtor shall have the full benefit of that compromise.