Section 1-55-2 – Obligation recovery center created.
1-55-2. Obligation recovery center created. There is hereby created the obligation recovery center, which is attached to the Bureau of Administration for budgeting and reporting purposes. The center is a central repository for identification, registration, oversight, and collection of debts owed to any agency or department of the state or to any postsecondary technical institute […]
Section 1-55-3 – Collection of bad debts.
1-55-3. Collection of bad debts. The center shall work to collect each bad debt referred to the center during the account receivable cycle. The character of the debt in the hands of the referring entity does not change by the referral of the debt to the center for collection. Among other powers granted by this […]
Section 1-55-4 – Cost recovery fees.
1-55-4. Cost recovery fees. For any bad debt referred to the center for collection after July 1, 2015, the center shall collect a cost recovery fee in addition to the debt referred to the center for collection. The cost recovery fee is calculated by multiplying the principal amount of the debt referred to the center […]
Section 1-55-5 – Transfer of recovered moneys to referring entity–Proration of insufficient amounts–Order of debt collection.
1-55-5. Transfer of recovered moneys to referring entity–Proration of insufficient amounts–Order of debt collection. The center shall transfer any other moneys collected from a debtor to the referring entity within thirty days after the end of the month in which the moneys were collected. If the amount collected is less than the principal amount of […]
Section 1-55-6 – Use during account receivable cycle.
1-55-6. Use during account receivable cycle. The center may be used during the account receivable cycle by: (1)Any agency of the state to collect bad debt owed to the agency; (2)The Unified Judicial System to collect any costs, fines, fees, or restitution, constituting final debt, ordered in any adult criminal proceeding; (3)The Board of Regents […]
Section 1-55-7 – Final notification to debtor by referring entity.
1-55-7. Final notification to debtor by referring entity. Prior to transferring any debt to the center for collection, the referring entity shall provide a final notification to the debtor that the debt will be referred to the center for collection. The final notification to the debtor may be sent by regular mail or by electronic […]