1.    Every collection agency licensed under this chapter shall keep a record of all sums collected by it and of all disbursements made by it for a period of six years from the date of last entry thereon. The records of a licensee may be maintained electronically provided they can be reproduced upon request of the department of financial institutions and within the required statutory time period provided in this section.

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2.    When a licensee ceases operations for any reason, the licensee shall be required to inform the department of the location of the records required to be maintained in accordance with section 13-05-07. In addition, the licensee shall provide the name of the individual responsible for maintenance of the records. The licensee shall notify the     department within ten business days of the change of the location of the records or the change of the individual responsible for maintenance of the records.

3.    No licensee, individual, or person subject to investigation or examination under this section may intentionally make any false entry in any such collection agency record or knowingly withhold, abstract, secrete, remove, mutilate, destroy, or otherwise dispose of any books, records, computer records, or other information within the time limit provided in this section.

4. No licensee under this chapter may commingle the money of collection agency customers with other than collection funds and shall maintain a separate bank account for such customer’s funds and shall keep such funds in the bank account until disbursed to the customer.