§210.220. Servicing of Accounts by Contract

Upon prior approval of the Director, the licensee may contract with a third party provider for servicing of accounts (e.g., processing of payments, collections, etc.).  A request for the Director's approval shall be in writing and shall include the following:

 

a)         Name and address of proposed servicer;

 

b)         Executed contract, conditioned upon approval by the Director, between licensee and servicer;

 

c)         Contact person and telephone number of the servicer;

 

d)         A statement that the licensee will make all books, records, and account information readily available for examination by the Division;

 

e)         A statement that the licensee will pay all examination expenses; and

 

f)         Written consent of servicer for the Division to conduct its examination.