Record Retention


230-RICR-40-25-1 ACTIVE RULE

1.1 Applicability

Every person carrying on the business of transacting in debt collecting shall make and preserve a record of each consumer contact and each transaction.

1.2 Records to be Maintained

A. The records shall include, but not be limited to, all of the following information:

1. all audio recordings of contact with customers,

2. records of all customers contacted,

3. all written correspondence (including that sent electronically) between the licensee and the consumer,

4. complete files and documentation of every debt the licensee has attempted to collect including any and all documents relating to that debt;

5. all communications received from customers including copies of all documents received in hard copy or electronically and recordings of or notes regarding all conversations with consumers,

6. all written notices sent to consumers and any and

7. all other documents created during or received by the licensee in the transaction of the business under the license.

B. The records shall always be open to inspection by the director or the director’s designee upon his or her request. The licensee shall not fail, neglect, or refuse to submit or show the record or prevent a proper person as defined in this section to inspect the record.

C. The records may be maintained in any manner which reasonably allow their retrieval and the licensee shall retrieve the records upon request of the Department.

D. The records shall be maintained for a minimum of five years following the transaction.

Title 230 Department of Business Regulation (includes the Office of the Health Insurance Commissioner)
Chapter 40 Banking
Subchapter 25 Debt Collectors
Part 1 Record Retention
Type of Filing Adoption
Regulation Status Active
Effective 11/04/2018

Regulation Authority :

R.I. Gen. Laws § Chapter 19-14.9 and § 19-14-20

Purpose and Reason :

R.I. Gen. Laws Chapter 19-14.9 requires that persons or entities that collect debts in Rhode Island obtain licensure through the Department.  This regulation is designed to provide details about the statutory requirements of record retention by those licensees.