The Rhode Island Department of Business Regulation has adopted a record retention rule for debt collectors requiring that virtually all records be retained for a minimum of five years “following the transaction.”
Records that must be retained include the following:
- all audio recordings of contact with customers;
- records of all customers contacted;
- all written correspondence (including that sent electronically) between the licensee and the consumer;
- complete files and documentation of every debt the licensee has attempted to collect including any and all documents relating to that debt;
- 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;
- all written notices sent to consumers; and
- any and all other documents created during or received by the licensee in the transaction of the business under the license.
The rule went into effect on Nov. 4, 2018.