(a) Each licensee shall maintain a separate federally insured bank account for the benefit of debtors in which all payments received from debtors for the benefit of creditors shall be deposited and in which all payments shall remain until a remittance is made to either a debtor or a creditor.
(b) Every licensee shall keep, and use in its business, books, accounts, and records that will enable the Commissioner to determine whether such licensee is complying with the provisions of this chapter and with the regulations of the Commissioner. Every licensee shall preserve such books, accounts, and records for at least seven years after making the final entry on any transaction recorded therein. The items specified in this subsection may be maintained in any form of record as permitted in subsection 11301(c) of this title.