Specifications include, but are not limited to: 2. Prompt Undertaking The contractor must agree to promptly undertake the collection of all accounts assigned by Minnesota State without regard to the amount of debt to achieve a maximum recovery of debts. Any account assigned will include the total amount of principal, interest, late fees and costs due Minnesota State. Under current practice the collection fees due is paid by the debtor. This practice is subject to change based on legal restrictions. 3. Contractor should automatically return accounts to Minnesota State if no payments have been received within a time period of 12 months from referral. The Contractor may request approval, from Minnesota State, to keep an account if legal action is pending or immediate payment is expected. 4. Contractor Reports. The following monthly reports or the equivalence thereof must be available to Minnesota State for download on the Contractor’s secure website. Contractor should provide 1-2 page sample(s) for each type of report with the response. a. Acknowledgement Report b. Inventory Report c. Payment/Remittance Report d. Performance Analysis Report e. Close and Return Report detailing why the account is being returned, including address and phone number f. Address Update Report Upon request the Contractor will provide other reports as deemed appropriate by Minnesota State for inventory reconciliation and performance evaluations. Individual debtor payment histories may be requested to reconcile payment discrepancies. Response should indicate whether Minnesota State will have the ability to view individual debtor payment histories on the Contractor’s secure website.