Collection Agency Services

The Vendor is required to provide collection agency to refer educational, parking, and other receivable past due accounts for collection activity.
- Receipt and recording of payments; accounting procedures:
• Within ten (10) business days after referral, the contractor shall return an account on which the placed dollar amount and accrued interest is paid in full.
• Within ten (10) business days after referral, the contractor shall return an account that has been recalled by the university.
• Fees will be contingent upon collections received on accounts.
• Required to submit a monthly billing for its fee for services provided with supporting documentation.
• Recovering money and other assets due and owing to the state and any of its legal entities are required to remit the gross sums of all such recoveries and all of such assets to the agency or agencies with which they are under contract.
• The list should contain: name of debtor, debtor identification number, and date payment was originally deposited with contractor's bank, date payment transferred to the university and amount of check.
• Should the current policy change and if interest and collections fees are permitted, any interest earned on the university account will be the property of the university and the contractor will report and forward such interest to the university on the same basis as collections received.