Other Prohibited Practices

(1) Required actions prior to furnishing information. Compliance with 12 CFR 1006.30(a) constitutes compliance with 209 CMR 18.30(1). (2) Prohibition on the sale, transfer for consideration, or placement for collection of certain debts. Compliance with 12 CFR 1006.30(b) constitutes compliance with 209 CMR 18.30(2). (3) Multiple debts. Compliance with 12 CFR 1006.30(c) constitutes compliance with 209 CMR 18.30(3). (4) Commingling and preserving identity of funds of clients. a. No debt collector shall commingle money collected for a creditor with the debt collector’s own funds or use any part of a creditor's money in the conduct of the debt collector’s business. b. All funds of clients paid to a debt collector shall be deposited in one or more client trust accounts maintained at a federally insured bank. c. The gross amount of monies collected from consumers by the debt collector shall be deposited into client trust account(s). d. In remitting to clients, a debt collector may offset funds in the client trust account(s) against commissions to which it is entitled for payments made by consumers directly to clients. All offsets shall be accounted for through written documentation evidencing the amount of offset. e. A debt collector shall maintain complete and accurate client trust account records. A debt collector shall produce, upon request, all documents pertaining to trust account activity, including, but not limited to: bank settlements, check stubs, canceled, voided or unused checks, deposit tickets, and reconciliations or other comparable account records. (5) Legal actions by debt collectors. Compliance with 12 CFR 1006.30(d) constitutes compliance with 209 CMR 18.30(5). (6) Furnishing certain deceptive forms. Compliance with 12 CFR 1006.30(e) constitutes compliance with 209 CMR 18.30(6).