A. The Department may place uncollectible accounts receivable in a special account for accounting and budgetary purposes. An "uncollectible account receivable" shall have been uncollectible or due for at least one (1) year and possess at least one of the following characteristics:
1. The debtor has been discharged from bankruptcy or is insolvent;
2. The debtor cannot be found or is deceased; or
3. A collection agency has indicated its inability to collect the debt.
B. If uncollectible accounts receivable are placed in a special account, the following procedures shall be observed:
1. The proposed uncollectible accounts shall be forwarded to the Department by the appropriate divisions. The Department shall then submit the accounts to the Commission and to the State Auditor and Inspector once each fiscal year for placement into the special uncollectible account; and
2. The Commission and the State Auditor and Inspector shall certify those accounts which meet the requirements of this section as "uncollectible accounts receivable" and shall place those accounts in the special account created by this section.
C. The special uncollectible accounts receivable account shall not be used for budgetary purposes in determining the assets of the Department or any of its divisions. The Department shall take all reasonable steps to collect all accounts, including those placed in the special account by operation of this section.
Added by Laws 2005, c. 363, § 46, eff. Nov. 1, 2005.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.