Section 150.90  Multiple Creditors

a)         When a debtor has multiple creditors, the collection agency shall maintain a separate account record for each creditor.

b)         Checks, money orders, or drafts received by a collection agency from a debtor or on behalf of a debtor made payable to a specified creditor shall be applied to the specified creditor's account record.

c)         When a collection agency is collecting two or more accounts from one debtor, the collection agency shall apply any payments received from the debtor according to the debtor's directions.

d)         When the debtor overpays the total amount outstanding to a specific creditor, money due to the debtor for an overpayment to the specific creditor may not be applied by the collection agency against any other obligation owed by the debtor and must be refunded to the debtor unless the debtor has authorized the collection agency, in writing or by lawfully recorded verbal statement, to apply the money to another obligation owed by the debtor.