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Can a customer set up a business trust account? The customer is a judgment collection agent, and disbursements would be coming out of the account and sent to the customer’s clients. – IBA Compliance Connection

IBA Compliance Connection

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Can a customer set up a business trust account? The customer is a judgment collection agent, and disbursements would be coming out of the account and sent to the customer’s clients.

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We do not see any problem with setting up a business trust account for a customer that is a collection agency. The Illinois Collection Agency Act requires licensees under the law to set up separate bank accounts for each office, which must be referred to as a “Trust Account.” 225 ILCS 425/8c(a).