Section 1-55-9 – Collection and use of data.
1-55-9. Collection and use of data. The center may collect data for purposes of collecting any debt referred to the center. Notwithstanding any law to the contrary, referring entities are authorized to transmit data to the center deemed necessary by the center to aid in the collection of the referred debt and the center may […]
Section 1-55-1 – Definitions.
1-55-1. Definitions. Terms used in this chapter mean: (1)”Account receivable cycle,” the period of time, not to exceed one hundred eighty days, during which the center may attempt to collect on a debt before the debt is forwarded to any collection agency in accordance with §1-55-14; (2)”Center,” the obligation recovery center; (3)”Debt,” a legal obligation […]
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 […]