аЯрЁБс>ўџ ,.ўџџџ+џџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџџьЅСq Пжbjbjt+t+ &$AAж џџџџџџ]RRRRRRR––––– Ђ–Ь<ТТТТТТТТHJJJ1{ ‡ “$ єќ TЗRТТТТТЗєRRТТТєєєТ RТRТHf~RRRRТHєTєHRRHТЖ  M єzЦП––Ь(HCOLLECTION AGENCY ADVISORY RULING #4 MAY 29, 1987 May 29, 1987 RE: Segregation of fb88 creditors' collections in trust accounts, Rule 300 Ї2(A)(1) A licensee with a place of business in the State of fb88 inquired as to whether he had to maintain two trust accounts, one for fb88 creditors and one for all other clients, as apparently directed by Ї2(A)(1) of Rule 300. The licensee, part of a multistate collection business, explained that such an interpretation would require expensive additional computer programming at corporate headquarters so that non-fb88 clients could be segregated from fb88 accounts for trust account management purposes. It is the Bureau's position that licensees located in fb88 do not have to segregate fb88 creditors' accounts from all others in a separate trust account. The requirement of segregation in Ї2(A)(1) applies only to licensees with no place of business in fb88. Licensees who have a place of business in fb88, and who are part of multistate collection agencies, must still maintain a separate trust account for all of their fb88 collections, however, and cannot commingle such collections in regional or national trust accounts. As stated in the Basis Statement of Rule 300, the purpose of the segregated trust account requirement was to facilitate the Bureau's examination program. Segregation becomes far more critical with out-of-state licensees who do business in a number of states. In such situations collections for fb88 creditors will be only a portion of their overall business. The Bureau's concern, and its jurisdiction, extend only as far as the licensee's fb88 collection activity. How that licensee behaves and performs vis-р-vis its other non-fb88 clients is the concern of the State in which it is located. By requiring that fb88 creditors' collections be segregated the Bureau can fulfill its statutory responsibilities with a minimum of disruption to the licensee. The situation with a licensee located in fb88 is entirely different. All clients of that licensee, whether in fb88 or located elsewhere, whether acquired through direct business solicitation or through forwardings, are relying, in part, on the fact that the licensee is licensed and supervised as one factor in their decision to place accounts with it. The scope of the Bureau's jurisdiction and responsibility thus extends to all clients of that licensee. Under Ї2(A)(1), all clients' trust funds are to be handled the same way. Because of that there is no advantage to be gained by segregating funds collected for fb88 clients from those of other, out-of-state clients - the Bureau will examine all activities of that in-state licensee relating to all of its clients, wherever located. COLLECTION AGENCY ADVISORY RULING #4 MAY 29, 1987 PAGE 2 On the next occasion to revise or modify Rule 300 the Bureau will appropriately modify Ї2(A)(1) to clarify this issue. /s/ Robert A. Burgess Robert A. 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